state of new mexico educational retirement board...jun 30, 2018 · abq charter academy 02340 $...

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD

SCHEDULES OF EMPLOYER ALLOCATIONS AND

PENSION AMOUNTS BY EMPLOYER

June 30, 2018

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD As of and for the Year Ended June 30, 2018

Table of Contents

Independent Auditors' Report 1

Schedule of Employer Allocations 4

Schedule of Pension Amounts by Employer 10

Notes to the Schedules 17

Supplementary Information

Schedule of Deferred Pension Amortization by Employer 30

Net Pension Liability Sensitivity by Employer 37

Independent Auditors' Report on Internal Control 42

Exit Conference 44

1

INDEPENDENT AUDITORS' REPORT The Members of the State of New Mexico Educational Retirement Board and Honorable Brian S. Colón, State Auditor New Mexico Educational Retirement Board Santa Fe, New Mexico Report on Schedules We have audited the accompanying schedule of employer allocations of the New Mexico Educational Retirement Board (ERB), as of and for the year ended June 30, 2018, and the related notes. We have also audited the total for all entities of the columns titled net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total employer pension expense as of and for the year ended June 30, 2018 (specified column totals), included in the accompanying schedule of pension amounts by employer, and the related notes. Management’s Responsibility for the Schedules Management is responsible for the preparation and fair presentation of these schedules in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedules that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the schedule of employer allocations and specified column totals included in the schedule of pension amounts by employer are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedule of employer allocations and specified column totals included in the schedule of pension amounts by employer. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the schedule of allocations and the specified column totals in the schedule of pension amounts by employer, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the schedule of employer allocations and specified column totals included in the schedule of pension amounts by employer in order to design audit procedures that are appropriate in

The Members of the State of New Mexico Educational Retirement Board and Honorable Brian S. Colón, State Auditor New Mexico Educational Retirement Board

2

the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the schedule of employer allocations and specified column totals included in the schedule of pension amounts by employer. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the schedules referred to above present fairly, in all material respects, the employer allocations and the total for all ERB participating entities of the columns titled net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total employer pension expense as of and for the year ended June 30, 2018, in accordance with accounting principles generally accepted in the United States of America. Other Matters We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of ERB as of and for the year ended June 30, 2018, and our report thereon, dated November 21, 2018, expressed an unmodified opinion on those statements. Supplementary information Our audit was conducted for the purpose of forming an opinion on the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer. The schedules of deferred pension amortization by employer, net pension liability sensitivity by employer and exit conference, (supplementary information), as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer. The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer. Such information has been subjected to the auditing procedures applied in the audit of the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer or to the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer as a whole.

The Members of the State of New Mexico Educational Retirement Board and Honorable Wayne Johnson, State Auditor New Mexico Educational Retirement Board

3

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 23, 2019 on our consideration of ERB’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of ERB’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering ERB’s internal control over financial reporting and compliance. Restriction on Use Our report is intended solely for the information and use of ERB management, Members of the State of New Mexico Educational Retirement Board, the State of New Mexico Legislature, and ERB’s participating employers and their auditors and is not intended to be and should not be used by anyone other than these specified parties.

a CliftonLarsonAllen LLP

Baltimore, Maryland April 23, 2019

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD SCHEDULE OF EMPLOYER ALLOCATIONS As of and for the Year Ended June 30, 2018

4

2018 ActualEmployer Employer Employer

Employer Name Code Contributions Allocation %(1) (2)

ABQ Charter Academy 02340 245,617$ 0.06323%ABQ Institute for Math and Science at UNM 02341 230,684 0.05938%Academy of Trades and Technology 02344 - 0.00000%Ace Leadership High School 02390 229,865 0.05917%Alamogordo Public Schools 15046 3,955,266 1.01817%Albuquerque Public Schools 02003 65,584,261 16.88279%Albuquerque School of Excellence 02412 241,756 0.06223%Albuquerque Sign Language Academy 02402 189,183 0.04870%Albuquerque Talent Development Academy 02361 132,688 0.03416%Aldo Leopold High School 08347 183,795 0.04731%Alice King Community School 02356 277,514 0.07144%Alma D'Arte Charter High School 07335 159,676 0.04110%Amy Biehl High School 02303 312,937 0.08056%Anansi Charter School 20316 124,246 0.03198%Animas Public Schools 23121 202,074 0.05202%Anthony Charter School 07339 - 0.00000%Artesia Public Schools 03004 2,932,047 0.75477%Aztec Municipal Schools 16050 1,980,645 0.50986%Belen Consolidated Schools 14043 2,646,558 0.68128%Bernalillo Public Schools 29086 2,590,608 0.66688%Bloomfield Schools 16051 2,188,717 0.56342%Capitan Municipal Schools 26077 423,209 0.10894%Cariños Charter School 16357 - 0.00000%Carlsbad Municipal Schools 03005 5,392,799 1.38822%Carrizozo Municipal Schools 26078 183,970 0.04736%Central Consolidated Schools 16053 5,353,184 1.37802%Central New Mexico Community College 02123 10,021,773 2.57982%Central Region Educational Coop 02150 327,392 0.08428%Cesar Chavez Community School 02336 128,338 0.03304%Chama Valley Independent Schools 17126 413,470 0.10644%Christine Duncan's Heritage Academy 02353 222,291 0.05722%Cien Aguas International School 02367 264,882 0.06819%Cimarron Municipal Schools 09027 413,013 0.10632%Clayton Municipal Schools 18056 390,010 0.10040%Cloudcroft Municipal Schools 15047 286,158 0.07366%Clovis Community College 05011 1,041,897 0.26821%Clovis Municipal Schools 05012 5,808,137 1.49514%Cobre Consolidated Schools 08024 1,186,129 0.30533%

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD SCHEDULE OF EMPLOYER ALLOCATIONS – Continued As of and for the Year Ended June 30, 2018

5



Coral Community Charter School 02421 155,519$ 0.04003%Corona Public Schools 26079 149,102 0.03838%Corrales International School 02363 170,895 0.04399%Cottonwood Classical Prep School 02364 410,546 0.10568%Cottonwood Valley Charter School 25319 120,426 0.03100%Cuba Independent School District 29087 652,047 0.16785%Deming Cesar Chavez Charter High School 19301 127,959 0.03294%Deming Public Schools 19059 3,814,865 0.98203%Des Moines Municipal Schools 18057 157,398 0.04052%Dexter Consolidated Schools 04008 742,881 0.19123%Digital Arts & Technology Academy 02350 197,415 0.05082%Dora Consolidated Schools 11117 253,735 0.06532%Dream Diné Charter School 16359 38,114 0.00981%Dulce Independent Schools 17115 746,620 0.19220%Dzil Ditl' OOI School of Empowerment, Action & Perseve 13437 33,627 0.00866%East Mountain High School 02304 262,896 0.06768%Eastern New Mexico University - Portales 11101 3,348,587 0.86200%Eastern NM University - Roswell 11102 1,344,866 0.34620%El Camino Real Academy 02323 232,803 0.05993%Elida Municipal Schools 11034 137,302 0.03534%Espanola Public Schools 17054 2,792,464 0.71884%Estancia Municipal Schools 22065 574,856 0.14798%Estancia Valley Classical Academy 22201 231,154 0.05950%Eunice Public Schools 06016 561,835 0.14463%Explore Academy 02432 200,366 0.05158%Farmington Municipal Schools 16052 7,267,878 1.87091%Floyd Municipal Schools 11118 238,524 0.06140%Fort Sumner Municipal Schools 27083 315,400 0.08119%Gadsden Independent Schools 07021 9,474,742 2.43900%Gallup McKinley County Schools 13041 9,754,927 2.51113%Gilbert L. Sena Charter High School 02339 148,107 0.03813%Gordon Bernell Charter School 02362 250,949 0.06460%Grady Municipal Schools 05013 167,997 0.04325%Grants-Cibola County Schools 14044 2,759,256 0.71029%Hagerman Municipal Schools 04009 427,739 0.11011%Hatch Valley Public Schools 07022 963,712 0.24808%Health Leadership High School 02430 178,046 0.04583%High Plains Regional Educational Cooperative #3 09150 193,645 0.04985%


6



Hobbs Municipal Schools 06017 6,528,040$ 1.68046%Hondo Valley Public Schools 26080 190,337 0.04900%Horizon Academy West 02327 266,537 0.06861%House Municipal Schools 10119 150,346 0.03870%J. Paul Taylor Academy 07420 125,695 0.03236%Jal Public Schools 06018 406,297 0.10459%Jefferson Montessori Academy 03321 152,777 0.03933%Jemez Mountain School District 29122 245,771 0.06327%Jemez Valley Public Schools 29088 354,445 0.09124%La Academia de Esperanza 02329 345,152 0.08885%La Academia Dolores Huerta 07337 126,318 0.03252%La Promesa Early Learning 02343 251,021 0.06462%La Resolana Leadership Academy 02357 53,924 0.01388%La Tierra Montessori School 17425 73,363 0.01889%Lake Arthur Municipal Schools 04010 131,223 0.03378%Las Cruces Public Schools 07023 18,189,068 4.68225%Las Montañas Charter High School 07338 142,312 0.03663%Las Vegas City Schools 12037 1,217,002 0.31328%Lindrith Area Heritage School 17334 21,665 0.00558%Logan Municipal Schools 10120 295,532 0.07608%Lordsburg Municipal Schools 23070 432,865 0.11143%Los Alamos Public Schools 32093 3,362,216 0.86551%Los Lunas Schools 14045 5,861,493 1.50887%Los Puentes Charter School 02322 159,916 0.04117%Loving Municipal Schools 03006 445,340 0.11464%Lovington Municipal Schools 06019 2,520,841 0.64892%Luna Community College 12128 762,396 0.19626%Magdalena Municipal Schools 25075 391,283 0.10072%Maxwell Municipal Schools 09028 177,773 0.04576%McCurdy Charter School 17424 271,386 0.06986%Media Arts Collaborative Charter School 02365 201,034 0.05175%Melrose Municipal Schools 05014 229,973 0.05920%Mesa Vista Consolidated Schools 17127 301,838 0.07770%Mesalands Community College 10141 401,693 0.10340%Middle College High School 13369 77,635 0.01998%Mission Achievement and Success Charter School 02425 476,871 0.12276%Monte del Sol Charter School 01306 239,860 0.06175%Montessori of the Rio Grande Charter School 02334 150,800 0.03882%Mora Independent Schools 30089 506,779 0.13046%


7



Moreno Valley High School 09324 51,414$ 0.01324%Moriarty-Edgewood School District 22066 1,852,781 0.47695%Mosaic Academy 16356 111,441 0.02869%Mosquero Municipal Schools 31091 88,563 0.02280%Mountain Mahogany Community School 02342 143,232 0.03687%Mountainair Public Schools 22067 259,022 0.06668%Native American Community Academy 02354 385,688 0.09928%New America School-Las Cruces 07421 145,336 0.03741%New Mexico Activities Association 02148 147,584 0.03799%New Mexico Connections Academy 01418 414,448 0.10669%New Mexico Highlands University 12102 2,914,653 0.75029%New Mexico Institute of Mining and Technology 25106 5,223,922 1.34475%New Mexico International School 02414 111,359 0.02867%New Mexico Junior College 06124 1,571,101 0.40443%New Mexico Military Institute 04097 1,870,140 0.48141%New Mexico School for the Arts 01416 166,316 0.04281%New Mexico School for the Blind and Visually Impaired 15104 955,838 0.24605%New Mexico School for the Deaf 01094 627,452 0.16152%New Mexico State University 07098 25,880,901 6.66230%New Mexico Virtual Academy 16358 115,758 0.02980%North Valley Academy 02328 261,722 0.06737%Northeast Regional Education Cooperative 12151 150,968 0.03886%Northern New Mexico College 17105 1,136,009 0.29243%Northwest Regional Education Cooperative #2 29150 71,723 0.01846%Nuestros Valores Charter School 02311 152,973 0.03938%Pecos Connections Academy 03433 135,303 0.03483%Pecos Independent Schools 12039 583,645 0.15024%Pecos Valley Regional Education Cooperative #8 12150 95,393 0.02456%Peñasco Independent Schools 20060 421,740 0.10856%Pojoaque Valley Schools 01001 1,386,533 0.35692%Portales Municipal Schools 11035 2,066,955 0.53208%Public Academy for Performing Arts 02320 273,151 0.07031%Quemado Independent Schools 28084 217,992 0.05612%Questa Independent Schools 20125 383,423 0.09870%Raton Public Schools 09029 676,652 0.17418%Red River Valley Charter Schools 20312 59,039 0.01520%Region IX Educational Cooperative 26150 410,175 0.10559%Regional Educational Center # 6 05016 75,418 0.01941%


8



Regional Educational Cooperative #7 06150 31,923$ 0.00822%Reserve Independent Schools 28085 202,465 0.05212%Rio Gallinas School 12326 60,454 0.01556%Rio Rancho Public Schools 29123 11,778,655 3.03208%Robert F. Kennedy Charter School 02318 262,922 0.06768%Roots and Wings Community School 02313 42,584 0.01096%Roswell Independent Schools 04011 6,697,615 1.72411%Roy Municipal Schools 31092 116,585 0.03001%Ruidoso Municipal Schools 26081 1,352,162 0.34808%SAHQ Academy 02403 44,942 0.01157%San Diego Riverside Charter School 29305 102,281 0.02633%San Jon Schools 10032 175,283 0.04512%San Juan College 16155 3,887,218 1.00065%Sandoval Academy of Bilingual Education 29303 48,994 0.01261%Santa Fe Community College 01003 2,999,339 0.77209%Santa Fe Public Schools 01002 10,210,814 2.62848%Santa Rosa Consolidated Schools 24072 626,521 0.16128%School of Dreams Academy 14366 314,367 0.08092%Sidney Gutierrez Middle School 04317 48,516 0.01249%Siembra Leadership High School 02433 65,248 0.01680%Silver Consolidated Schools 08026 2,196,594 0.56545%Six Directions Indigenous School 13438 49,479 0.01274%Socorro Consolidated Schools 25076 1,208,733 0.31115%South Valley Academy 02309 475,906 0.12251%South Valley Preparatory School 02396 101,008 0.02600%Southwest Aeronautics, Math, and Science Academy 02420 155,994 0.04016%Southwest Primary Learning Center 02346 96,473 0.02483%Southwest Regional Educational Cooperative #10 21150 234,354 0.06033%Southwest Secondary Learning Center 02310 159,262 0.04100%Springer Municipal Schools 09030 186,477 0.04800%State of New Mexico 01341 1,111,647 0.28616%Taos Academy Charter School 20265 172,544 0.04442%Taos Integrated School of the Arts 20415 99,919 0.02572%Taos International School 20435 146,941 0.03783%Taos Municipal Charter School 20307 135,743 0.03494%Taos Municipal Schools 20062 1,764,685 0.45427%Tatum Municipal Schools 06020 334,160 0.08602%Tech Leadership High School 02394 158,358 0.04076%


9



Texico Municipal Schools 05015 469,539$ 0.12087%The Academy for Technology and the Classics 01301 239,012 0.06153%The Ask Academy 29408 274,441 0.07065%The Great Academy 02413 107,493 0.02767%The International School at Mesa del Sol 02368 248,245 0.06390%The Masters Program 01398 140,795 0.03624%The Montessori Elementary School 02351 209,864 0.05402%The New America School 02366 172,893 0.04451%Tierra Adentro of New Mexico 02370 201,454 0.05186%Tierra Encantada Charter School 01343 232,007 0.05972%Truth or Consequences Municipal Schools 21063 1,073,142 0.27625%Tucumcari Public Schools 10033 796,959 0.20515%Tularosa Municipal Schools 15049 799,925 0.20592%Turquoise Trail Charter School 01315 324,728 0.08359%Twenty-First Century Public Academy 02308 141,459 0.03641%University Hospitals 02295 286,541 0.07376%University of New Mexico 02095 65,731,043 16.92057%Vaughn Municipal Schools 24073 126,686 0.03261%Vista Grande High School 20317 88,465 0.02277%Wagon Mound Public Schools 30090 172,345 0.04437%Walatowa High Charter School 29330 72,980 0.01879%West Las Vegas Schools 12038 1,296,489 0.33374%Western New Mexico University 08099 2,286,391 0.58857%William W. & Josephine Dorn Charter Community School 02417 41,990 0.01081%Zuni Public Schools 13142 1,377,549 0.35461%

Total 388,468,167$ 100.00000%

The accompanying notes are an integral part of the Schedule of Employer Allocations. See Note 6 on page 26 for a reconciliation of employer contributions.

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD SCHEDULE OF PENSION AMOUNTS BY EMPLOYER As of and for the Year Ended June 30, 2018

10

Net Net NetDifference Difference Amortization ofbetween Changes between Changes Deferred Amounts Projected in Proportion Projected in Proportion from Changesand Actual and Differences and Actual and Differences in Proportion

Differences Investment between Employer Total Differences Investment between Employer Total Proportionate and Differencesbetween Earnings Contributions and Deferred between Earnings Contributions and Deferred Share of between Employer Total

Net Pension Expected Changes on Pension Proportionate Outflows Expected Changes on Pension Proportionate Inflows Pension Contributions and EmployerEmployer Liability and Actual of Plan Share of of and Actual of Plan Share of of Plan Proportionate Share Pension

Employer Name Code June 30, 2018 Experience Assumptions Investments Contributions Resources Experience Assumptions Investments Contributions Resources Expense of Contributions Expense(3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

ABQ Charter Academy 02340 7,518,889$ 5,488$ 1,549,607$ 16,645$ 277,844$ 1,849,584$ 143,097$ -$ -$ -$ 143,097$ 1,263,714$ 262,795$ 1,526,509$ ABQ Institute for Math and Science at UNM 02341 7,061,072 5,153 1,455,254 15,631 145,138 1,621,176 134,384 - - 215,847 350,231 1,186,768 157,509 1,344,277 Academy of Trades and Technology A 02344 - - - - 132,414 132,414 - - - 1,783,664 1,783,664 - (583,607) (583,607) Ace Leadership High School 02390 7,036,101 5,135 1,450,107 15,576 77,048 1,547,866 133,908 - - 238,492 372,400 1,182,571 (27,490) 1,155,081 Alamogordo Public Schools 15046 121,073,965 88,364 24,952,772 268,027 833,655 26,142,818 2,304,232 - - 316,053 2,620,285 20,349,138 10,500 20,359,638 Albuquerque Public Schools 02003 2,007,588,437 1,465,208 413,754,485 4,444,288 1,701,865 421,365,846 38,207,635 - - 10,189,063 48,396,698 337,419,316 (2,813,100) 334,606,216 Albuquerque School of Excellence 02412 7,399,975 5,401 1,525,100 16,382 949,586 2,496,469 140,833 - - - 140,833 1,243,728 515,189 1,758,917 Albuquerque Sign Language Academy 02402 5,791,078 4,227 1,193,514 12,820 229,532 1,440,093 110,214 - - 275,254 385,468 973,318 216,428 1,189,746 Albuquerque Talent Development Academy 02361 4,062,079 2,965 837,175 8,992 48,654 897,786 77,308 - - 77,675 154,983 682,722 37,848 720,570 Aldo Leopold High School 08347 5,625,789 4,106 1,159,448 12,454 444,740 1,620,748 107,068 - - 18,570 125,638 945,537 261,661 1,207,198 Alice King Community School 02356 8,495,167 6,200 1,750,814 18,806 735,600 2,511,420 161,677 - - - 161,677 1,427,799 494,953 1,922,752 Alma D'Arte Charter High School 07335 4,887,337 3,567 1,007,257 10,819 127,891 1,149,534 93,014 - - 21,966 114,980 821,424 18,497 839,921 Amy Biehl High School 02303 9,579,656 6,992 1,974,322 21,207 263,279 2,265,800 182,316 - - - 182,316 1,610,072 244,468 1,854,540 Anansi Charter School 20316 3,802,848 2,775 783,749 8,419 150,597 945,540 72,374 - - - 72,374 639,152 161,980 801,132 Animas Public Schools 23121 6,185,870 4,515 1,274,879 13,694 88,430 1,381,518 117,727 - - 20,869 138,596 1,039,671 (9,056) 1,030,615 Anthony Charter School A 07339 - - - - 167,662 167,662 - - - 1,025,172 1,025,172 - (317,861) (317,861) Artesia Public Schools 03004 89,752,199 65,504 18,497,504 198,688 1,397,322 20,159,018 1,708,129 - - - 1,708,129 15,084,828 1,180,652 16,265,480 Aztec Municipal Schools 16050 60,629,140 44,249 12,495,379 134,217 182,684 12,856,529 1,153,870 - - 890,497 2,044,367 10,190,058 (230,043) 9,960,015 Bataan Military Academy B 02360 - - - - - - - - - 546,777 546,777 - (469,926) (469,926) Belen Consolidated Schools 14043 81,013,260 59,126 16,696,450 179,343 - 16,934,919 1,541,813 - - 3,866,461 5,408,274 13,616,057 (1,945,605) 11,670,452 Bernalillo Public Schools 29086 79,300,908 57,877 16,343,542 175,552 - 16,576,971 1,509,224 - - 1,798,038 3,307,262 13,328,259 (836,049) 12,492,210 Bloomfield Schools 16051 66,998,137 48,898 13,807,999 148,317 92,997 14,098,211 1,275,082 - - 645,964 1,921,046 11,260,508 (277,045) 10,983,463 Capitan Municipal Schools 26077 12,954,416 9,455 2,669,844 28,678 458,924 3,166,901 246,543 - - - 246,543 2,177,274 206,585 2,383,859 Cariños Charter School A 16357 - - - - 13,243 13,243 - - - 1,636,507 1,636,507 - (913,738) (913,738) Carlsbad Municipal Schools 03005 165,077,835 120,480 34,021,761 365,440 2,666,196 37,173,877 3,141,697 - - - 3,141,697 27,744,955 2,217,678 29,962,633 Carrizozo Municipal Schools 26078 5,631,734 4,110 1,160,674 12,467 144,367 1,321,618 107,181 - - - 107,181 946,537 81,897 1,028,434 Central Consolidated Schools 16053 163,864,919 119,594 33,771,785 362,755 691,495 34,945,629 3,118,613 - - 2,438,696 5,557,309 27,541,097 (99,751) 27,441,346 Central New Mexico Community College 02123 306,774,935 223,895 63,224,864 679,121 3,112,046 67,239,926 5,838,420 - - 3,838,421 9,676,841 51,560,263 (1,287,665) 50,272,598 Central Region Educational Cooperative 02150 10,022,014 7,314 2,065,490 22,186 427,277 2,522,267 190,735 - - 703,348 894,083 1,684,419 (117,164) 1,567,255 Cesar Chavez Community School 02336 3,928,896 2,867 809,727 8,698 123,956 945,248 74,773 - - 127,697 202,470 660,337 (56,911) 603,426 Chama Valley Independent Schools 17126 12,657,133 9,238 2,608,575 28,020 66,504 2,712,337 240,886 - - 407,452 648,338 2,127,309 (153,529) 1,973,780 Christine Duncan's Heritage Academy 02353 6,804,220 4,966 1,402,317 15,063 791,826 2,214,172 129,495 - - 43,032 172,527 1,143,598 477,407 1,621,005 Cien Aguas International School 02367 8,108,699 5,918 1,671,164 17,951 436,921 2,131,954 154,322 - - - 154,322 1,362,845 383,646 1,746,491 Cimarron Municipal Schools 09027 12,642,863 9,227 2,605,634 27,988 683,365 3,326,214 240,614 - - - 240,614 2,124,911 281,183 2,406,094

Deferred Outflows of Resources Deferred Inflows of Resources Pension Expense

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD SCHEDULE OF PENSION AMOUNTS BY EMPLOYER – Continued As of and for the Year Ended June 30, 2018

11





Clayton Municipal Schools 18056 11,938,896$ 8,713$ 2,460,550$ 26,430$ 66,722$ 2,562,415$ 227,216$ -$ -$ 259,257$ 486,473$ 2,006,594$ (225,083)$ 1,781,511$ Cloudcroft Municipal Schools 15047 8,759,154 6,393 1,805,220 19,391 42,115 1,873,119 166,701 - - 400,339 567,040 1,472,168 (210,104) 1,262,064 Clovis Community College 05011 31,893,739 23,277 6,573,149 70,605 584,821 7,251,852 606,989 - - 497,182 1,104,171 5,360,443 249,434 5,609,877 Clovis Municipal Schools 05012 177,792,046 129,759 36,642,100 393,586 3,710,468 40,875,913 3,383,668 - - 338,584 3,722,252 29,881,857 949,291 30,831,148 Cobre Consolidated Schools 08024 36,307,801 26,499 7,482,866 80,376 1,130,682 8,720,423 690,996 - - 282,999 973,995 6,102,323 220,054 6,322,377 Coral Community Charter School 02421 4,760,100 3,474 981,034 10,538 440,445 1,435,491 90,592 - - 137,932 228,524 800,039 403,595 1,203,634 Corona Public Schools 26079 4,563,893 3,331 940,597 10,103 68,208 1,022,239 86,858 - - 9,286 96,144 767,062 20,668 787,730 Corrales International School 02363 5,230,996 3,818 1,078,084 11,580 - 1,093,482 99,554 - - 75,726 175,280 879,184 (72,363) 806,821 Cottonw ood Classical Prep School 02364 12,566,759 9,172 2,589,950 27,820 717,985 3,344,927 239,166 - - - 239,166 2,112,120 549,158 2,661,278 Cottonw ood Valley Charter School 25319 3,686,313 2,690 759,732 8,161 108,383 878,966 70,156 - - 43,027 113,183 619,566 14,576 634,142 Creative Education Prep Institute #1 B 02338 - - - - - - - - - 1,035,421 1,035,421 - (690,899) (690,899) Cuba Independent School District 29087 19,959,599 14,567 4,113,579 44,185 397,999 4,570,330 379,863 - - - 379,863 3,354,649 225,350 3,579,999 Deming Cesar Chavez Charter High School 19301 3,917,004 2,859 807,276 8,671 211,825 1,030,631 74,547 - - 57,172 131,719 658,339 73,951 732,290 Deming Public Schools 19059 116,776,438 85,227 24,067,072 258,513 371,710 24,782,522 2,222,443 - - 1,291,039 3,513,482 19,626,844 (208,497) 19,418,347 Des Moines Municipal Schools 18057 4,818,367 3,517 993,043 10,667 137,030 1,144,257 91,701 - - 2,222 93,923 809,832 93,880 903,712 Dexter Consolidated Schools 04008 22,739,792 16,596 4,686,564 50,340 - 4,753,500 432,775 - - 955,758 1,388,533 3,821,921 (322,335) 3,499,586 Digital Arts and Technology Academy 02350 6,043,174 4,411 1,245,470 13,378 120,555 1,383,814 115,011 - - 385,443 500,454 1,015,688 (28,882) 986,806 Dora Consolidated Schools 11117 7,767,417 5,669 1,600,828 17,195 136,104 1,759,796 147,826 - - 4,445 152,271 1,305,485 33,600 1,339,085 Dream Diné Charter School 16359 1,166,540 851 240,418 2,582 175,461 419,312 22,201 - - - 22,201 196,063 168,075 364,138 Dulce Independent Schools 17115 22,855,138 16,680 4,710,336 50,595 604,766 5,382,377 434,970 - - 78,571 513,541 3,841,308 320,960 4,162,268 Dzil Ditl' OOI School of Empow erment, Action & Perseve 13437 1,029,789 752 212,235 2,280 249,160 464,427 19,599 - - - 19,599 173,079 162,189 335,268 East Mountain High School 02304 8,048,053 5,874 1,658,666 17,816 133,934 1,816,290 153,167 - - 8,107 161,274 1,352,652 15,394 1,368,046 Eastern New Mexico University - Portales 11101 102,503,273 74,810 21,125,440 226,916 744,524 22,171,690 1,950,802 - - 2,763,040 4,713,842 17,227,926 (663,501) 16,564,425 Eastern NM University - Rosw ell 11102 41,167,788 30,046 8,484,486 91,135 1,290,562 9,896,229 783,489 - - 197,364 980,853 6,919,151 (169,107) 6,750,044 El Camino Real Academy 02323 7,126,475 5,201 1,468,733 15,776 8,427 1,498,137 135,628 - - 76,460 212,088 1,197,761 (168,921) 1,028,840 Elida Municipal Schools 11034 4,202,396 3,067 866,094 9,303 - 878,464 79,978 - - 221,144 301,122 706,305 (84,748) 621,557 Espanola Public Schools 17054 85,479,644 62,386 17,616,950 189,230 1,793,157 19,661,723 1,626,815 - - 150,802 1,777,617 14,366,731 219,371 14,586,102 Estancia Municipal Schools 22065 17,596,792 12,843 3,626,616 38,955 42,415 3,720,829 334,895 - - 164,218 499,113 2,957,527 (340,622) 2,616,905 Estancia Valley Classical Academy 22201 7,075,342 5,164 1,458,195 15,663 439,902 1,918,924 134,655 - - 7,977 142,632 1,189,167 210,888 1,400,055 Eunice Public Schools 06016 17,198,432 12,552 3,544,516 38,073 101,460 3,696,601 327,314 - - 66,033 393,347 2,890,574 212,435 3,103,009 Explore Academy 02432 6,133,549 4,476 1,264,095 13,578 633,715 1,915,864 116,731 - - 21,359 138,090 1,030,877 851,932 1,882,809 Farmington Municipal Schools 16052 222,476,100 162,371 45,851,272 492,505 - 46,506,148 4,234,078 - - 4,483,997 8,718,075 37,391,993 (1,880,696) 35,511,297 Floyd Municipal Schools 11118 7,301,277 5,329 1,504,759 16,163 170,055 1,696,306 138,955 - - 35,311 174,266 1,227,140 24,363 1,251,503 Fort Sumner Municipal Schools 27083 9,654,572 7,046 1,989,762 21,373 101,682 2,119,863 183,742 - - - 183,742 1,622,663 (29,700) 1,592,963



12





Gadsden Independent Schools 07021 290,029,563$ 211,674$ 59,773,722$ 642,051$ 498,896$ 61,126,343$ 5,519,729$ -$ -$ 15,219,274$ 20,739,003$ 48,745,836$ (4,837,047)$ 43,908,789$ Gallup McKinley County Schools 13041 298,606,780 217,934 61,541,446 661,039 10,905,412 73,325,831 5,682,967 - - 3,684,653 9,367,620 50,187,426 2,535,534 52,722,960 Gilbert L. Sena Charter High School 02339 4,534,165 3,309 934,470 10,037 119,111 1,066,927 86,292 - - 57,547 143,839 762,066 (861) 761,205 Gordon Bernell Charter School 02362 7,681,800 5,606 1,583,183 17,006 356,802 1,962,597 146,197 - - 241,834 388,031 1,291,095 (353,002) 938,093 Grady Municipal Schools 05013 5,143,001 3,754 1,059,948 11,385 161,213 1,236,300 97,880 - - - 97,880 864,394 112,818 977,212 Grants-Cibola County Schools 14044 84,462,935 61,644 17,407,412 186,979 - 17,656,035 1,607,465 - - 588,416 2,195,881 14,195,851 (606,030) 13,589,821 Hagerman Municipal Schools 04009 13,093,545 9,556 2,698,518 28,986 358,404 3,095,464 249,191 - - - 249,191 2,200,658 233,239 2,433,897 Hatch Valley Public Schools 07022 29,500,014 21,530 6,079,813 65,305 32,427 6,199,075 561,433 - - 772,657 1,334,090 4,958,125 (558,040) 4,400,085 Health Leadership High School 02430 5,449,797 3,977 1,123,177 12,064 258,691 1,397,909 103,718 - - - 103,718 915,958 320,655 1,236,613 Health Sciences Academy C 07347 - - - - - - - - - 353,398 353,398 - (58,857) (58,857) High Plains Regional Educational Cooperative #3 09150 5,927,828 4,326 1,221,697 13,123 2,322,817 3,561,963 112,816 - - 3,696,064 3,808,880 996,302 (9,678) 986,624 Hobbs Municipal Schools 06017 199,829,061 145,842 41,183,825 442,370 8,188,845 49,960,882 3,803,068 - - 959,357 4,762,425 33,585,661 4,118,149 37,703,810 Hondo Valley Public Schools 26080 5,826,752 4,253 1,200,866 12,899 126,111 1,344,129 110,892 - - 12,685 123,577 979,314 47,456 1,026,770 Horizon Academy West 02327 8,158,642 5,954 1,681,458 18,061 254,584 1,960,057 155,272 - - - 155,272 1,371,239 141,487 1,512,726 House Municipal Schools 10119 4,601,945 3,359 948,439 10,188 170,109 1,132,095 87,582 - - 49,506 137,088 773,458 16,905 790,363 J. Paul Taylor Academy 07420 3,848,035 2,808 793,062 8,519 401,428 1,205,817 73,234 - - 98,009 171,243 646,747 73,875 720,622 Jal Public Schools 06018 12,437,143 9,077 2,563,236 27,533 539,811 3,139,657 236,699 - - - 236,699 2,090,335 218,813 2,309,148 Jefferson Montessori Academy 03321 4,676,860 3,413 963,879 10,353 62,290 1,039,935 89,008 - - 93,493 182,501 786,049 (5,930) 780,119 Jemez Mountain School District 29122 7,523,645 5,491 1,550,588 16,655 - 1,572,734 143,187 - - 929,920 1,073,107 1,264,514 (463,413) 801,101 Jemez Valley Public Schools 29088 10,849,650 7,918 2,236,062 24,018 166,316 2,434,314 206,486 - - 239,563 446,049 1,823,522 85,163 1,908,685 La Academia de Esperanza 02329 10,565,448 7,711 2,177,489 23,389 397,678 2,606,267 201,077 - - - 201,077 1,775,755 50,572 1,826,327 La Academia Dolores Huerta 07337 3,867,061 2,822 796,983 8,561 89,485 897,851 73,596 - - 35,256 108,852 649,944 99,285 749,229 La Jicarita Community School B 20266 - - - - 11,769 11,769 - - - 202,544 202,544 - (110,721) (110,721) La Promesa Early Learning 02343 7,684,178 5,608 1,583,673 17,011 284,956 1,891,248 146,242 - - 440,848 587,090 1,291,495 20,563 1,312,058 La Resolana Leadership Academy 02357 1,650,517 1,205 340,164 3,654 19,616 364,639 31,412 - - 142,409 173,821 277,406 (24,110) 253,296 La Tierra Montessori School 17425 2,246,272 1,639 462,946 4,973 74,825 544,383 42,750 - - 38,120 80,870 377,535 136,326 513,861 Lake Arthur Municipal Schools 04010 4,016,892 2,932 827,862 8,892 5,754 845,440 76,448 - - 120,251 196,699 675,127 (70,287) 604,840 Las Cruces Public Schools 07023 556,781,845 406,359 114,750,106 1,232,573 9,560,477 125,949,515 10,596,454 - - 3,529,162 14,125,616 93,579,414 496,774 94,076,188 Las Montañas Charter High School 07338 4,355,795 3,179 897,709 9,643 328,179 1,238,710 82,898 - - 223,789 306,687 732,087 (41,452) 690,635 Las Vegas City Schools 12037 37,253,162 27,189 7,677,700 82,469 554,285 8,341,643 708,988 - - 164,796 873,784 6,261,212 (442,264) 5,818,948 Lindrith Area Heritage School 17334 663,536 484 136,752 1,469 3,385 142,090 12,628 - - 7,819 20,447 111,522 465 111,987 Logan Municipal Schools 10120 9,046,925 6,603 1,864,528 20,028 289,237 2,180,396 172,178 - - - 172,178 1,520,534 136,353 1,656,887 Lordsburg Municipal Schools 23070 13,250,510 9,671 2,730,867 29,333 171,698 2,941,569 252,179 - - 647,706 899,885 2,227,039 (489,481) 1,737,558 Los Alamos Public Schools 32093 102,920,659 75,115 21,211,461 227,840 1,436,414 22,950,830 1,958,746 - - 713,585 2,672,331 17,298,076 117,199 17,415,275



13





Los Lunas Schools 14045 179,424,726$ 130,950$ 36,978,588$ 397,201$ 3,862,388$ 41,369,127$ 3,414,741$ -$ -$ 63,825$ 3,478,566$ 30,156,265$ 1,726,266$ 31,882,531$ Los Puentes Charter School 02322 4,895,661 3,573 1,008,973 10,838 178,171 1,201,555 93,172 - - 173,270 266,442 822,823 (48,342) 774,481 Loving Municipal Schools 03006 13,632,222 9,949 2,809,536 30,178 41,329 2,890,992 259,443 - - 721,668 981,111 2,291,194 (242,810) 2,048,384 Lovington Municipal Schools 06019 77,165,225 56,318 15,903,388 170,824 400,485 16,531,015 1,468,578 - - 586,186 2,054,764 12,969,310 265,397 13,234,707 Luna Community College 12128 23,337,926 17,033 4,809,836 51,664 119,004 4,997,537 444,158 - - 639,531 1,083,689 3,922,451 (328,194) 3,594,257 Magdalena Municipal Schools 25075 11,976,949 8,741 2,468,392 26,514 22,959 2,526,606 227,941 - - 665,295 893,236 2,012,989 (203,277) 1,809,712 Maxw ell Municipal Schools 09028 5,441,473 3,971 1,121,462 12,046 55,968 1,193,447 103,560 - - 15,813 119,373 914,559 60,834 975,393 McCurdy Charter School 17424 8,307,284 6,063 1,712,092 18,390 134,533 1,871,078 158,101 - - 296,197 454,298 1,396,221 (66,196) 1,330,025 Media Arts Collaborative Charter School 02365 6,153,764 4,491 1,268,262 13,623 163,069 1,449,445 117,116 - - - 117,116 1,034,275 256,809 1,291,084 Melrose Municipal Schools 05014 7,039,668 5,138 1,450,842 15,584 120,487 1,592,051 133,976 - - - 133,976 1,183,171 73,453 1,256,624 Mesa Vista Consolidated Schools 17127 9,239,564 6,743 1,904,230 20,454 - 1,931,427 175,844 - - 859,101 1,034,945 1,552,912 (442,835) 1,110,077 Mesalands Community College 10141 12,295,636 8,974 2,534,072 27,219 125,342 2,695,607 234,006 - - 142,347 376,353 2,066,552 87,515 2,154,067 Middle College High School 13369 2,375,888 1,734 489,659 5,260 110,316 606,969 45,217 - - - 45,217 399,320 104,348 503,668 Mission Achievement and Success Charter School 02425 14,597,798 10,654 3,008,537 32,316 1,339,673 4,391,180 277,820 - - - 277,820 2,453,480 1,344,371 3,797,851 Monte del Sol Charter School 01306 7,342,897 5,359 1,513,336 16,255 335,062 1,870,012 139,747 - - 412,621 552,368 1,234,135 (204,815) 1,029,320 Montessori of the Rio Grande Charter School 02334 4,616,215 3,369 951,380 10,219 64,117 1,029,085 87,854 - - 54,464 142,318 775,856 39,768 815,624 Mora Independent Schools 30089 15,513,430 11,322 3,197,245 34,343 82,467 3,325,377 295,246 - - 142,189 437,435 2,607,373 19,533 2,626,906 Moreno Valley High School 09324 1,574,412 1,149 324,479 3,485 - 329,113 29,964 - - 227,149 257,113 264,615 (138,183) 126,432 Moriarty-Edgew ood School District 22066 56,715,703 41,393 11,688,838 125,554 - 11,855,785 1,079,391 - - 801,285 1,880,676 9,532,319 (1,059,343) 8,472,976 Mosaic Academy 16356 3,411,623 2,490 703,119 7,552 106,025 819,186 64,929 - - 94,808 159,737 573,398 98 573,496 Mosquero Municipal Schools 31091 2,711,223 1,979 558,770 6,002 1,176 567,927 51,599 - - 7,124 58,723 455,681 (4,547) 451,134 Mountain Mahogany Community School 02342 4,384,334 3,200 903,590 9,706 71,050 987,546 83,441 - - - 83,441 736,884 92,393 829,277 Mountainair Public Schools 22067 7,929,139 5,787 1,634,158 17,553 181,005 1,838,503 150,904 - - 164,530 315,434 1,332,666 (42,402) 1,290,264 Native American Community Academy 02354 11,805,713 8,616 2,433,102 26,135 539,948 3,007,801 224,682 - - 41,329 266,011 1,984,209 527,066 2,511,275 New America School-Las Cruces 07421 4,448,547 3,247 916,824 9,848 46,038 975,957 84,663 - - 148,793 233,456 747,676 18,348 766,024 New Mexico Activities Association 02148 4,517,517 3,297 931,039 10,001 - 944,337 85,976 - - 83,842 169,818 759,268 (7,157) 752,111 New Mexico Connections Academy 01418 12,686,861 9,259 2,614,702 28,085 1,770,108 4,422,154 241,451 - - - 241,451 2,132,306 1,393,935 3,526,241 New Mexico Highlands University 12102 89,219,467 65,115 18,387,710 197,509 899,274 19,549,608 1,697,990 - - 1,960,924 3,658,914 14,995,290 (1,058,320) 13,936,970 New Mexico Institute of Mining and Technology 25106 159,908,673 116,707 32,956,422 353,997 3,514,930 36,942,056 3,043,319 - - 712,674 3,755,993 26,876,164 1,007,312 27,883,476 New Mexico International School 02414 3,409,245 2,488 702,629 7,547 96,507 809,171 64,883 - - 5,721 70,604 572,998 67,763 640,761 New Mexico Junior College 06124 48,092,110 35,099 9,911,556 106,464 82,529 10,135,648 915,270 - - 576,108 1,491,378 8,082,935 64,851 8,147,786 New Mexico Military Institute 04097 57,246,056 41,780 11,798,142 126,728 755,908 12,722,558 1,089,484 - - 19,749 1,109,233 9,621,457 338,688 9,960,145 New Mexico School for the Arts 01416 5,090,679 3,715 1,049,165 11,269 31,659 1,095,808 96,884 - - 102,028 198,912 855,600 16,130 871,730 New Mexico School for the Blind and Visually Impaired 15104 29,258,620 21,354 6,030,063 64,771 566,398 6,682,586 556,839 - - - 556,839 4,917,553 446,949 5,364,502



14





New Mexico School for the Deaf 01094 19,206,878$ 14,018$ 3,958,447$ 42,519$ 534,041$ 4,549,025$ 365,538$ -$ -$ 7,513$ 373,051$ 3,228,138$ 204,624$ 3,432,762$ New Mexico State University 07098 792,236,144 578,201 163,276,124 1,753,808 - 165,608,133 15,077,527 - - 17,757,816 32,835,343 133,152,678 (15,620,529) 117,532,149 New Mexico Virtual Academy 16358 3,543,617 2,586 730,323 7,845 225,461 966,215 67,441 - - - 67,441 595,583 105,382 700,965 North Valley Academy 02328 8,011,190 5,847 1,651,068 17,735 235,957 1,910,607 152,466 - - 267,203 419,669 1,346,456 124,989 1,471,445 Northeast Regional Education Cooperative 12151 4,620,971 3,373 952,360 10,230 154,073 1,120,036 87,945 - - 319,871 407,816 776,656 252,865 1,029,521 Northern New Mexico College 17105 34,773,819 25,379 7,166,720 76,980 847,460 8,116,539 661,802 - - 804,201 1,466,003 5,844,504 (908,471) 4,936,033 Northw est Regional Education Cooperative #2 29150 2,195,140 1,602 452,408 4,859 361,092 819,961 41,777 - - 78,486 120,263 368,941 111,768 480,709 Nuestros Valores Charter School 02311 4,682,806 3,418 965,104 10,367 537,883 1,516,772 89,121 - - - 89,121 787,048 307,476 1,094,524 Pecos Connections Academy 03433 4,141,751 3,023 853,595 9,169 1,397,478 2,263,265 78,824 - - - 78,824 696,112 689,638 1,385,750 Pecos Independent Schools 12039 17,865,536 13,039 3,682,002 39,550 48,764 3,783,355 340,010 - - 107,793 447,803 3,002,696 (155,121) 2,847,575 Pecos Valley Regional Education Cooperative #8 12150 2,920,511 2,131 601,903 6,465 379,794 990,293 55,582 - - 275,672 331,254 490,856 123,050 613,906 Peñasco Independent Schools 20060 12,909,229 9,422 2,660,531 28,578 277,861 2,976,392 245,683 - - 199,614 445,297 2,169,679 (141,969) 2,027,710 Pojoaque Valley Schools 01001 42,442,539 30,976 8,747,207 93,957 1,950,307 10,822,447 807,750 - - 975,928 1,783,678 7,133,400 108,557 7,241,957 Portales Municipal Schools 11035 63,271,394 46,178 13,039,935 140,067 - 13,226,180 1,204,156 - - 723,081 1,927,237 10,634,147 (487,051) 10,147,096 Public Academy for Performing Arts 02320 8,360,795 6,102 1,723,120 18,509 172,792 1,920,523 159,119 - - - 159,119 1,405,215 127,271 1,532,486 Quemado Independent Schools 28084 6,673,415 4,870 1,375,359 14,773 227,402 1,622,404 127,006 - - - 127,006 1,121,614 141,635 1,263,249 Questa Independent Schools 20125 11,736,744 8,566 2,418,887 25,982 560,534 3,013,969 223,369 - - 321,010 544,379 1,972,617 (702,436) 1,270,181 Ralph J. Bunche Academy D 02355 - - - - - - - - - - - - (211,041) (211,041) Raton Public Schools 09029 20,712,320 15,117 4,268,711 45,852 - 4,329,680 394,189 - - 1,557,449 1,951,638 3,481,160 (926,881) 2,554,279 Red River Valley Charter Schools 20312 1,807,482 1,319 372,514 4,001 23,672 401,506 34,399 - - 119,190 153,589 303,787 22,705 326,492 Region IX Educational Cooperative 26150 12,556,056 9,164 2,587,744 27,796 894,337 3,519,041 238,962 - - 165,230 404,192 2,110,321 374,500 2,484,821 Regional Educational Center #6 05016 2,308,107 1,685 475,690 5,110 208,798 691,283 43,927 - - 242,237 286,164 387,928 (76,589) 311,339 Regional Educational Cooperative #7 06150 977,467 713 201,451 2,164 354,749 559,077 18,603 - - 159,952 178,555 164,285 39,533 203,818 Reserve Independent Schools 28085 6,197,762 4,523 1,277,329 13,720 111,236 1,406,808 117,953 - - 69,646 187,599 1,041,670 (256) 1,041,414 Rio Gallinas School 12326 1,850,291 1,350 381,336 4,096 1,131 387,913 35,214 - - 147,039 182,253 310,982 210,175 521,157 Rio Rancho Public Schools 29123 360,554,668 263,145 74,308,612 798,176 1,630,996 77,000,929 6,861,935 - - 245,579 7,107,514 60,599,128 1,502,976 62,102,104 Robert F. Kennedy Charter School 02318 8,048,053 5,874 1,658,666 17,816 81,041 1,763,397 153,167 - - 7,716 160,883 1,352,652 208,015 1,560,667 Roots and Wings Community School 02313 1,303,290 951 268,602 2,885 60,718 333,156 24,804 - - 53,661 78,465 219,046 33,128 252,174 Rosw ell Independent Schools 04011 205,019,626 149,630 42,253,576 453,861 1,609,833 44,466,900 3,901,853 - - 1,343,323 5,245,176 34,458,050 369,499 34,827,549 Roy Municipal Schools 31092 3,568,588 2,604 735,469 7,900 75,634 821,607 67,916 - - 7,816 75,732 599,780 52,092 651,872 Ruidoso Municipal Schools 26081 41,391,345 30,209 8,530,560 91,630 1,017,362 9,669,761 787,744 - - 336,469 1,124,213 6,956,724 118,311 7,075,035 Sage Montessori Charter School A 02418 - - - - 3,923 3,923 - - - 1,171,973 1,171,973 - (459,840) (459,840) SAHQ Academy * 02403 1,375,827 1,004 283,551 3,046 667,407 955,008 26,184 - - - 26,184 231,238 260,707 491,945 San Diego Riverside Charter School 29305 3,130,987 2,285 645,282 6,931 268,703 923,201 59,588 - - 30,395 89,983 526,231 144,538 670,769



15





San Jon Schools 10032 5,365,369$ 3,916$ 1,105,777$ 11,878$ 270,194$ 1,391,765$ 102,112$ -$ -$ 73,738$ 175,850$ 901,768$ 99,328$ 1,001,096$ San Juan College 16155 118,990,603 86,843 24,523,401 263,415 55,846 24,929,505 2,264,582 - - 1,097,507 3,362,089 19,998,983 (526,559) 19,472,424 Sandoval Academy of Bilingual Education 29303 1,499,497 1,094 309,039 3,320 288,790 602,243 28,538 - - 167,306 195,844 252,023 204,432 456,455 Santa Fe Community College 01003 91,811,777 67,007 18,921,973 203,248 1,455,657 20,647,885 1,747,326 - - 2,328,478 4,075,804 15,430,985 (355,830) 15,075,155 Santa Fe Public Schools 01002 312,561,256 228,118 64,417,397 691,931 941,935 66,279,381 5,948,543 - - 1,876,790 7,825,333 52,532,782 1,930,850 54,463,632 Santa Rosa Consolidated Schools 24072 19,178,339 13,997 3,952,565 42,456 611,090 4,620,108 364,995 - - 137,722 502,717 3,223,341 120,876 3,344,217 School of Dreams Academy 14366 9,622,465 7,023 1,983,145 21,302 823,131 2,834,601 183,131 - - 36,111 219,242 1,617,267 600,415 2,217,682 Sidney Gutierrez Middle School 04317 1,485,227 1,084 306,098 3,288 52,372 362,842 28,266 - - 87,233 115,499 249,625 12,438 262,063 Siembra Leadership High School 02433 1,997,744 1,458 411,726 4,422 594,971 1,012,577 38,020 - - - 38,020 335,765 320,333 656,098 Silver Consolidated Schools 08026 67,239,531 49,074 13,857,749 148,851 227,399 14,283,073 1,279,676 - - 1,163,860 2,443,536 11,301,079 (887,588) 10,413,491 Six Directions Indigenous School 13438 1,514,956 1,106 312,225 3,354 502,300 818,985 28,832 - - - 28,832 254,622 250,868 505,490 Socorro Consolidated Schools 25076 36,999,876 27,004 7,625,500 81,908 22,102 7,756,514 704,167 - - 491,147 1,195,314 6,218,642 (343,964) 5,874,678 South Valley Academy 02309 14,568,070 10,632 3,002,410 32,250 1,002,423 4,047,715 277,254 - - - 277,254 2,448,484 845,441 3,293,925 South Valley Preparatory School 02396 3,091,746 2,256 637,194 6,844 48,417 694,711 58,841 - - - 58,841 519,636 8,816 528,452 Southw est Aeronautics, Math, & Science Academy 02420 4,775,559 3,485 984,220 10,572 497,801 1,496,078 90,887 - - - 90,887 802,637 278,682 1,081,319 Southw est Intermediate Learning Center A 02345 - - - - 57,086 57,086 - - - 922,406 922,406 - (362,103) (362,103) Southw est Primary Learning Center 02346 2,952,617 2,155 608,521 6,536 675,746 1,292,958 56,193 - - 87,878 144,071 496,252 182,761 679,013 Southw est Regional Ed Cooperative #10 21150 7,174,040 5,236 1,478,536 15,881 971,417 2,471,070 136,534 - - 4,314 140,848 1,205,755 483,240 1,688,995 Southw est Secondary Learning Center 02310 4,875,446 3,558 1,004,806 10,793 567,896 1,587,053 92,788 - - 26,941 119,729 819,426 155,216 974,642 Springer Municipal Schools 09030 5,707,839 4,166 1,176,359 12,636 97,409 1,290,570 108,629 - - 228,463 337,092 959,328 (91,400) 867,928 State of New Mexico 01341 34,028,233 24,835 7,013,058 75,330 682,485 7,795,708 647,612 - - 1,292,250 1,939,862 5,719,192 (810,042) 4,909,150 Taos Academy Charter School 20265 5,282,129 3,855 1,088,622 11,693 226,227 1,330,397 100,527 - - - 100,527 887,778 225,402 1,113,180 Taos Integrated School of the Arts 20415 3,058,450 2,232 630,332 6,771 173,156 812,491 58,207 - - 61,191 119,398 514,040 141,114 655,154 Taos International School 20435 4,498,491 3,283 927,118 9,959 882,042 1,822,402 85,614 - - - 85,614 756,070 676,287 1,432,357 Taos Municipal Charter School 20307 4,154,831 3,032 856,291 9,198 130,116 998,637 79,073 - - 26,592 105,665 698,311 79,766 778,077 Taos Municipal Schools 20062 54,018,749 39,425 11,133,009 119,584 - 11,292,018 1,028,064 - - 689,081 1,717,145 9,079,037 (933,771) 8,145,266 Tatum Municipal Schools 06020 10,228,923 7,465 2,108,133 22,644 18,703 2,156,945 194,673 - - 375,333 570,006 1,719,195 (93,876) 1,625,319 Tech Leadership High School 02394 4,846,907 3,537 998,925 10,730 1,217,029 2,230,221 92,244 - - - 92,244 814,629 768,800 1,583,429 Texico Municipal Schools 05015 14,373,052 10,490 2,962,218 31,818 - 3,004,526 273,542 - - 388,961 662,503 2,415,707 (174,345) 2,241,362 The Academy for Technology & the Classics 01301 7,316,736 5,340 1,507,945 16,197 42,443 1,571,925 139,249 - - 45,514 184,763 1,229,738 (454) 1,229,284 The Ask Academy 29408 8,401,225 6,132 1,731,453 18,598 722,228 2,478,411 159,889 - - - 159,889 1,412,010 588,282 2,000,292 The Great Academy 02413 3,290,331 2,401 678,122 7,284 111,173 798,980 62,620 - - 385,569 448,189 553,012 4,980 557,992 The International School at Mesa del Sol 02368 7,598,560 5,546 1,566,027 16,821 901,575 2,489,969 144,613 - - - 144,613 1,277,105 414,640 1,691,745 The Learning Academy D 02314 - - - - - - - - - - - - (495,213) (495,213)



16





The Masters Program 01398 4,309,418$ 3,145$ 888,151$ 9,540$ 168,501$ 1,069,337$ 82,015$ -$ -$ 68,617$ 150,632$ 724,292$ 80,801$ 805,093$ The Montessori Elementary School 02351 6,423,697 4,688 1,323,894 14,220 146,545 1,489,347 122,253 - - 24,893 147,146 1,079,643 163,011 1,242,654 The New America School 02366 5,292,831 3,863 1,090,828 11,717 137,857 1,244,265 100,731 - - - 100,731 889,577 58,541 948,118 Tierra Adentro of New Mexico 02370 6,166,844 4,501 1,270,957 13,652 176,985 1,466,095 117,365 - - 189,311 306,676 1,036,474 169,358 1,205,832 Tierra Encantada Charter School 01343 7,101,503 5,183 1,463,586 15,721 211,043 1,695,533 135,153 - - 154,698 289,851 1,193,563 119,325 1,312,888 Truth or Consequences Municipal Schools 21063 32,849,802 23,975 6,770,189 72,721 130,921 6,997,806 625,185 - - 1,074,819 1,700,004 5,521,130 (454,079) 5,067,051 Tucumcari Public Schools 10033 24,395,065 17,804 5,027,708 54,004 284,029 5,383,545 464,277 - - - 464,277 4,100,126 31,996 4,132,122 Tularosa Municipal Schools 15049 24,486,629 17,871 5,046,578 54,207 434,316 5,552,972 466,020 - - 284,200 750,220 4,115,516 270,710 4,386,226 Turquoise Trail Charter School 01315 9,939,964 7,255 2,048,579 22,005 309,627 2,387,466 189,173 - - 156,683 345,856 1,670,629 48,080 1,718,709 Tw enty-First Century Public Academy 02308 4,329,634 3,160 892,317 9,585 217,069 1,122,131 82,400 - - 263,104 345,504 727,690 98,113 825,803 University Hospitals 02295 8,771,046 6,401 1,807,671 19,417 - 1,833,489 166,927 - - 596,952 763,879 1,474,167 (577,541) 896,626 University of New Mexico 02095 2,012,080,972 1,468,491 414,680,378 4,454,234 14,825,615 435,428,718 38,293,139 - - - 38,293,139 338,174,385 10,569,615 348,744,000 Uplif t Community School A 13430 - - - - 176,659 176,659 - - - 1,580,522 1,580,522 - (556,468) (556,468) Vaughn Municipal Schools 24073 3,877,763 2,830 799,189 8,584 143,848 954,451 73,800 - - 173,321 247,121 651,743 (27,007) 624,736 Vista Grande High School 20317 2,707,656 1,976 558,035 5,994 65,302 631,307 51,531 - - 16,778 68,309 455,081 84,870 539,951 Wagon Mound Public Schools 30090 5,276,184 3,851 1,087,396 11,680 69,129 1,172,056 100,414 - - 3,523 103,937 886,778 18,435 905,213 Walatow a High Charter School 29330 2,234,381 1,631 460,495 4,946 95,715 562,787 42,524 - - 24,994 67,518 375,537 42,187 417,724 West Las Vegas Schools 12038 39,686,128 28,964 8,179,123 87,855 776,433 9,072,375 755,291 - - 527,298 1,282,589 6,670,125 (555,417) 6,114,708 Western New Mexico University 08099 69,988,807 51,080 14,424,362 154,937 772,344 15,402,723 1,332,000 - - 1,997,043 3,329,043 11,763,156 (789,615) 10,973,541 William W. & Josephine Dorn Charter Community School 02417 1,285,453 938 264,926 2,846 90,561 359,271 24,464 - - - 24,464 216,049 70,580 286,629 Zuni Public Schools 13142 42,167,849 30,776 8,690,594 93,349 473,336 9,288,055 802,522 - - 1,079,760 1,882,282 7,087,233 (118,445) 6,968,788

Total 11,891,330,976$ 8,678,705$ 2,450,747,094$ 26,324,369$ 135,863,713$ 2,621,613,881$ 226,311,145$ -$ -$ 135,863,726$ 362,174,871$ 1,998,599,257$ 28$ 1,998,599,285$

* New SchoolA. Zero Share 2018B. Zero Share 2017C. Zero Share 2016D. Zero Share 2015


STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD NOTES TO THE SCHEDULES

17

Note 1 General Description of the Board and Retirement Plan

Background – The New Mexico Legislature enacted the Educational Retirement Act (ERA) in 1957, establishing the New Mexico Educational Retirement Board (NMERB) Board of Trustees to administer the Educational Employees Retirement Plan (the Plan). The Plan is a cost-sharing, multiple-employer pension plan established to provide retirement and disability benefits for certified teachers and other employees of the state’s public schools, institutions of higher learning, and state agencies providing educational programs. Additional tenets of the ERA can be found in Section 22-11-1 through 22-11-52, NMSA 1978, as amended.

Reporting Entity – The Plan administered by NMERB is a pension trust fund of the State of New Mexico. The ERA assigns the authority to establish and amend benefit provisions to a seven-member Board of Trustees (Board); the state legislature has the authority to set or amend contribution rates and other terms of the Plan. NMERB is self-funded through investment income and educational employer contributions. The Plan does not receive General Fund Appropriations from the State of New Mexico. The ERA defines the governing Board of Trustees for NMERB per Section 22-11-3 NMSA, 1978 as follows:

• The Secretary of Public Education, or a designee of the secretary who is a resident of New Mexico, is a current employee of the Public Education Department, and possesses experience relevant to the financial or fiduciary aspects of pension or investment fund management;

• The State Treasurer, or a designee of the Treasurer who is a resident of New Mexico, is a current employee of the State Treasurer’s Office, and possesses experience relevant to the financial or fiduciary aspects of pension or investment fund management;

• One member to be elected for a term of four years by the members of the New Mexico Association of Educational Retirees;

• One member to be elected for a term of four years by the members of the National Education Association of New Mexico;

• One member to be elected for a term of four years by the New Mexico members of the American Association of University Professors; and

• Two members to be appointed by the Governor for terms of four years each; each member appointed shall have a background in investments, finance, or pension fund administration.

Pension Benefit – A member’s retirement benefit is determined by a formula, which includes three component parts: 1) the member’s final average salary (FAS), 2) the number of years of service credit, and 3) a 0.0235 multiplier. The FAS is the average of the member’s salaries for the last five years of service or any other consecutive five-year period, whichever is greater.


18

Note 1 General Description of the Board and Retirement Plan – Continued Summary of Retirement Eligibility – For members employed before July 1, 2010, a member is eligible to retire when one of the following events occurs:

• The member’s age and earned service credit add up to the sum of 75 or more, • The member is at least sixty-five years of age and has five or more years of earned

service credit, or • The member has service credit totaling 25 years or more.

Chapter 288, Laws of 2009 changed the eligibility requirements for new members first employed on or after July 1, 2010 and before July 1, 2013. The eligibility for a member who either becomes a new member on or after July 1, 2010 and before July 1, 2013, or at any time prior to July 1, 2010 was refunded all member contributions and then became re-employed after July 1, 2010 is as follows:

• The member’s age and earned service credit add up to the sum of 80 or more, • The member is at least sixty-seven years of age and has five or more years of

earned service credit, or • The member has service credit totaling 30 years or more.

Section 2-11-23.2, NMSA, 1978 added eligibility requirements for new members who were first employed on or after July 1, 2013, or who were employed before July 1, 2013 but terminated employment and subsequently withdrew all contributions, and returned to work for an NMERB employer on or after July 1, 2013. These members must meet one of the following requirements:

• The member’s minimum age is 55, and has earned 30 or more years of service credit. Those who retire earlier than age 55, but with 30 years of earned service credit will have a reduction in benefits to the actuarial equivalent of retiring at age 55,

• The member’s minimum age and earned service credit add up to the sum of 80 or more. Those who retire under the age of 65, and who have fewer than 30 years of earned service credit will receive reduced retirement benefits,

• The member’s age is 67, and has earned 5 or more years of service credit. Forms of Payment – The benefit is paid as a monthly life annuity with a guarantee that, if the payments do not exceed the member’s accumulated contributions plus accumulated interest, determined as of the date of retirement, the balance will be paid in a lump sum to the member’s surviving beneficiary. Retirees may elect payment of benefits in the form of a single life annuity, joint 100% survivor benefit, or joint 50% survivor benefit.


19

Note 1 General Description of the Board and Retirement Plan – Continued Disability Benefit – An NMERB member is eligible for disability benefits if they have acquired at least ten years of earned service credit and is found totally disabled. The disability benefit is equal to 2% of the member’s FAS multiplied by the number of years of total service credits. However, the disability benefit shall not be less than the smaller of (a) one-third of the member’s FAS or (b) 2% of the member’s FAS multiplied by total years of service credit projected to age 60. Employer Contributions – Employer contributions to the Plan are calculated on creditable compensation for active members reported to NMERB by participating employers. Employer contributions are accrued when earned. Employers are required per Section 22-11-21, NMSA 1978 to remit contributions equal to fixed percentages of qualifying compensation. The Schedule of Employer Allocations reflects employer contributions reported for the year ended June 30, 2018. Note 2 Basis of Accounting and Measurement Focus The schedules are presented in accordance with the standards issued by the Governmental Accounting Standards Board (GASB). As prescribed by GASB they are reported using the economic resources measurement focus and the accrual basis of accounting. Employer contributions are recognized in the period for which the member’s services were performed. For the purposes of measuring the net pension liability, deferred outflows and inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the NMERB and additions to and deductions from NMERB’s fiduciary net position have been determined on the same basis as they were reported by NMERB. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. The preparation of the schedules in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain amounts and disclosures for the reporting period. Actual results could differ from those estimates. Note 3 Net Pension Liability The net pension liability as of June 30, 2018 was based on an actuarial valuation of the total pension liability performed as of June 30, 2017 rolled forward to June 30, 2018. The components of the net pension liability as of June 30, 2018 and covered payroll for the year then ended are presented on the next page:


20

Note 3 Net Pension Liability – Continued

Note 4 Actuarial Assumptions and Methods The total pension liability as of June 30, 2018 was based on an actuarial valuation as of June 30, 2017 rolled forward to June 30, 2018 and was determined using the following actuarial assumptions, applied to all periods included in the measurement:

Total pension liability 24,861,631,831$

Plan fiduciary net position (12,970,300,855) Net pension liability 11,891,330,976$

Plan fiduciary net position as a percent of total pension liability 52.17 %

Covered employee payroll 2,678,214,885$

Net pension liability as a percentageof covered employee payroll 444.00 %

Actuarial Cost Method Entry age normalInflation 2.50%

Salary IncreasesComposed of 2.50% inflation, plus 0.75% productivity increase rate, plus step-rate promotional increases for less than 10 years of service

Investment Rate of Return 7.25%

Single Discount Rate 5.69%

Retirement AgeExperience based table of rates based on age and service. Adopted by NMERB on April 21, 2017 in conjunction with the six-year experience study for the period ended June 30, 2016.

MortalityHealthy Males – RP-2000 Combined Mortality Table with white collar adjustments, generational mortality improvements with Scale BB from the table's base year of 2000.

Healthy Females – GRS Southwest Region Teacher Mortality Table, set back one year, generational mortality improvements in accordance with scale BB from the table's base year of 2012.


21

Note 4 Actuarial Assumptions and Methods – Continued Actuarial assumptions and methods are set by the Board of Trustees (Board), based upon recommendations made by the plan’s actuary. The Board adopted new assumptions on April 21, 2017 in conjunction with the six-year actuarial experience study period ending June 30, 2016. At that time, the Board adopted a number of economic assumption changes, including a decrease in the inflation assumption from 3.00% to 2.50%. The 0.50% decrease in the inflation assumption also led to decreases in the nominal investment return assumption from 7.75% to 7.25%, the assumed annual wage inflation rate from 3.75% to 3.25%, the payroll growth assumption from 3.50% to 3.00%, and the annual assumed COLA from 2.00% to 1.90%. Basis for Allocation – The employers’ proportionate share, reported in the Schedule of Employer Allocations, is calculated using employer contributions for employers that were members of NMERB, as of June 30, 2018. Rate of Return – The long-term expected rate of return on pension plan investments is determined annually using a building-block approach that includes the following: 1) rate of return projections are the sum of current yield plus projected changes in price (valuation, defaults, etc.); 2) application of key economic projections (inflation, real growth, dividends, etc.); and 3) structural themes (supply and demand imbalances, capital flows, etc.) developed for each major asset class. Discount Rate – A single discount rate of 5.69% was used to measure the total pension liability as of June 30, 2018. This single discount rate was based on an expected rate of return on pension plan investments of 7.25% and a municipal bond rate of 3.62%. Based on the stated assumptions and the projection of cash flows, the Plan’s fiduciary net position and future contributions were sufficient to finance the benefit payments through the year 2050. As a result, the long-term expected rate of return on pension plan investments was applied to projected benefit payments through the 2050 fiscal year, and the municipal bond rate was applied to all benefit payments after that date. Sensitivity of the Net Pension Liability – The following table shows the sensitivity of the net pension liability to changes in the discount rate as of June 30, 2018. In particular, the table presents the Plan’s net pension liability if it were calculated using a discount rate one percentage point lower (4.69%) or one percentage point higher (6.69%) than the single discount rate.

Current1% Decrease Discount Rate 1% Increase

(4.69%) (5.69%) (6.69%)

Employers' net pension liability 15,454,175,919$ 11,891,330,976$ 8,984,271,849$


22

Note 5 Collective Financial Information Collective Pension Expense – The components of allocable pension expense for the measurement year ended June 30, 2018 (excluding employer-specific pension expense for changes in proportion) are as follows:

Collective Deferred Outflows of Resources and Deferred Inflows of Resources – The following presents a summary of changes in the collective deferred inflows and outflows of resources by year of deferral (excluding employer specific amounts):

Total service cost 494,875,509$ Interest on the total pension liability 1,375,675,929 Current-period benefit changes - Member contributions (287,323,804) Other income (2,683,329) Projected earnings on plan investments (901,295,874) Administrative expense 9,908,319 Other changes in plan fiduciary net position - Recognition of deferred outflows of resources due to liabilities 1,335,559,112 Recognition of deferred inflows of resources due to assets (26,116,605) Total pension expense 1,998,599,257$

Note: Other income consists of member service credit purchases with interest.

Fiscal YearBeginning deferral

amountsDeferral amounts

added

Total of amortization amounts recognized in pension expense

Ending deferral amounts

2014 (129,669,342)$ -$ 129,669,342$ -$ 2015 229,766,265 - (139,803,210) 89,963,055 2016 334,212,258 - (116,025,215) 218,187,043 2017 2,657,142,357 - (1,049,314,017) 1,607,828,340 2018 - 477,429,992 (133,969,407) 343,460,585

3,091,451,538$ 477,429,992$ (1,309,442,507)$ 2,259,439,023$


23

Note 5 Collective Financial Information – Continued For the measurement year ended June 30, 2018, the following presents a summary of the changes in the collective deferred outflows of resources and deferred inflows of resources (excluding employer specific amounts):

New Deferred Outflows and Inflows of Resources by Source Established in Fiscal Year

Outflows Inflows Net Outflowsof Resources of Resources of Resources

Differences between expected and actual experience -$ 184,089,981$ (184,089,981)$ Assumption Changes 659,787,674 - 659,787,674 Net Difference between projected and actual

earnings on pension plan investments 1,732,299 - 1,732,299 Total 661,519,973$ 184,089,981$ 477,429,992$

Outflows and Inflows of Resources by Source to be recognized in Current Pension Expense

Outflows Inflows Net Outflowsof Resources of Resources of Resources

Differences between expected and actual experience 11,271,047$ 128,992,290$ (117,721,243)$ Assumption Changes 1,453,280,355 - 1,453,280,355 Net Difference between projected and actual

earnings on pension plan investments 195,063,688 221,180,293 (26,116,605) Total 1,659,615,090$ 350,172,583$ 1,309,442,507$

Deferred Outflows and Deferred Inflows of Resources by Source to be recognized in Future Pension Expenses

Deferred Outflows Deferred Inflows Net Outflowsof Resources of Resources of Resources

Differences between expected and actual experience 8,678,705$ 226,311,145$ (217,632,440)$ Assumption Changes 2,450,747,094 - 2,450,747,094 Net Difference between projected and actual

earnings on pension plan investments 26,324,369 - 26,324,369 Total 2,760,283,030$ 500,844,007$ 2,259,439,023$


24

Note 5 Collective Financial Information – Continued Amounts reported as deferred outflows of resources and deferred inflows of resources (excluding employer specific amounts) related to pensions will be recognized (amortized) in pension expense as follows:

Deferred Outflows and Deferred Inflows of Resources by Year to be recognized in Future Pension Expenses

Outflows Inflows Net OutflowsYear ended June 30, of Resources of Resources of Resources

2019 1,495,318,406$ 108,639,051$ 1,386,679,355$ 2020 977,462,971 88,714,119 888,748,852 2021 12,622,332 28,957,975 (16,335,643) 2022 346,459 - 346,459 2023 - - -

Thereafter - - - Total 2,485,750,168$ 226,311,145$ 2,259,439,023$

Deferred Outflow (Inflow) due to Differences Between Expected and Actual Experience on Liabilities

Year Established Initial Amount

Initial Recognition

PeriodCurrent Year Recognition

Remaining Recognition


Period

2015 (86,722,485)$ 3.92 (20,353,236)$ -$ 0.00

2016 42,491,846 3.77 11,271,047 8,678,705 0.77

2017 (207,788,603) 3.65 (56,928,385) (93,931,833) 1.65

2018 (184,089,981) 3.56 (51,710,669) (132,379,312) 2.56Total (117,721,243)$ (217,632,440)$


25

Note 5 Collective Financial Information – Continued

Changes in Proportion – The totals shown above do not include employer-specific deferred outflows of resources and deferred inflows of resources related to changes in proportion. These amounts should be recognized (amortized) by each employer over the average of the expected remaining service lives of all plan members, which is as follows.

Deferred Outflow (Inflow) due to Assumption Changes


Initial Recognition




Period

2015 299,084,856$ 3.92 70,193,382$ -$ 0.00

2016 - 3.77 - - 0.77

2017 4,371,799,749 3.65 1,197,753,356 1,976,293,037 1.65

2018 659,787,674 3.56 185,333,617 474,454,057 2.56Total 1,453,280,355$ 2,450,747,094$

Deferred Outflow (Inflow) due to Differences Between Projected and Actual Earnings on Plan Investments


Initial Recognition




Period

2014 (648,346,706)$ 5.00 (129,669,342)$ -$ 0.00

2015 449,815,293 5.00 89,963,064 89,963,055 1.00

2016 523,770,843 5.00 104,754,168 209,508,337 2.00

2017 (457,554,772) 5.00 (91,510,954) (274,532,863) 3.00

2018 1,732,299 5.00 346,459 1,385,840 4.00Total (26,116,605)$ 26,324,369$

Fiscal Year 2018 2017 2016 2015Service Lives in Years 3.56 3.65 3.77 3.92


26

Note 6 Employer Contributions

The proportionate shares for each NMERB employer were calculated on the basis of employer contributions actually remitted to NMERB for the fiscal year ended June 30, 2018. Employer contributions that are not representative of future contribution effort are excluded in the determination of employers’ proportionate shares. An example of employer contributions that are not representative of future contribution effort include those employers that closed at the end of fiscal year 2018.

The following table shows which employers closed at June 30, 2018.

The following table provides a reconciliation of employer contributions in the Statement of Changes in Fiduciary Net Position located in the FY2018 Comprehensive Annual Financial Report (CAFR) to the employer contributions used in the determination of the employers’ proportionate shares of collective pension amounts reported in the Schedules of Employer Allocations. The FY2018 CAFR report can be found on NMERB’s website at http://www.nmerb.org/Annual_reports.html.

EmployerEmployer Name Code

Academy of Trades and Technology 02344Anthony Charter School 07339Cariños Charter School 16357

Employer Contributions

Employer Contributions Reported in NMERB's Statement of Changesin Fiduciary Net Position of the CAFR for the fiscal year ended June 30, 2018 $388,723,983

Deduct Employer Contributions Not Representative of Future Contribution Effort (255,816)

Employer Contributions Used as the Basis for Allocating Employers'Proportionate Shares of Collective Pension Amounts $388,468,167

http://www.nmerb.org/Annual_reports.html


27

Note 7 Investments and Expected Rate of Return NMERB is authorized to invest or reinvest the fund in accordance with the Uniform Prudent Investor Act Section 45-7-601 NMSA 1978. Key provisions per the Uniform Prudent Investor Act are summarized below. Provisions of the Act:

• Set a higher standard of care and prudence for investments, above and beyond the previous standard and guiding principles of law,

• Apply to the trust as a whole, rather than individual investments, • Require investment strategy to be based on suitable risk and reward strategies,

and • Require diversification unless the trustees reasonably determine it is not in the best

interest of the fund.

Asset Allocation Policy – NMERB has adopted a strategic Asset Allocation Plan, containing weights, ranges, and benchmarks for each asset class. Over time this strategy is expected to achieve NMERB’s assumed overall rate of return on Plan assets of 7.25 percent. Achieving the target weights is a long-term goal. In the short term, a particular asset position may represent an intermediate point in the process of attaining its target weight. Asset allocation is the greatest determinant of fund performance. The Investment Committee uses the target asset allocation plan approved by NMERB’s Trustees to carry out its responsibilities in conjunction with analyses of the Fund’s long-term liabilities. The latest analysis can be found at http://www.nmerb.org/asset_allocation.html. The Investment Committee and NMERB staff regularly monitor the position of the Fund relative to the target allocations, periodically rebalancing among classes to maintain prescribed relationships. The Investment Committee reviews NMERB’s investment policies annually with respect to target allocation guidelines. NMERB’s Investment Policy Statement is available on NMERB’s website at http://www.nmerb.org/investment_policies.html. The Board approved the policy targets on August 26, 2016. All asset classes were within policy range as of June 30, 2018. The following schedule shows the asset allocation on June 30, 2018.

http://www.nmerb.org/asset_allocation.html

http://www.nmerb.org/investment_policies.html


28

Note 7 Investments and Expected Rate of Return – Continued

Note 8 Additional Financial and Actuarial Information Additional financial information supporting the preparation of the Schedule of Employer Allocations and the Schedule of Pension Amounts by Employer, including the disclosure of the net pension liability and the unmodified audit opinion on the financial statements, is located in the New Mexico Educational Retirement Board’s Comprehensive Annual Financial Report for the fiscal year ended June 30, 2018. The supporting actuarial information is included in the GASB Reporting and Disclosure Information for NMERB’s Fiscal Year Ending June 30, 2018 actuarial valuation for the retirement plan. The additional financial and actuarial information is available at www.nmerb.org or by contacting the Educational Retirement Board at 701 Camino de los Marquez, P.O. Box 26129, Santa Fe, New Mexico 87502-0129.

Allocation Policy

Target1

EquitiesDomestic Equities Large cap equities 17% 16% Small-mid cap equities 3% 3% Total domestic equities 20% 19%International Equities Developed 5% 5% Emerging markets 9% 9% Total international equities 14% 14%Fixed Income Core fixed income 7% 6% Opportunistic credit 18% 18% Emerging markets debt 2% 2% Total fixed income 27% 26%Alternatives Global asset allocation 5% 4% Risk parity 5% 3% Real Estate/REITS 2% 7% Private equity 13% 13% Real Assets 7% 8% Other 6% 5%Total alternatives 39% 40%Cash 1% 1% Total 100% 100%

Schedule of Asset Allocation Versus Policy Targets

1. Long-Term Policy Target approved by the Board in August 2016.

http://www.nmerb.org/

29

Supplementary Information

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD SCHEDULE OF DEFERRED PENSION AMORTIZATION BY EMPLOYER June 30, 2018

30

Employer Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearEmployer Name Code Ending 2019 Ending 2020 Ending 2021 Ending 2022 Ending 2023 Thereafter

(20) (21) (22) (23) (24)ABQ Charter Academy 02340 1,057,079$ 643,393$ 5,796$ 219$ -$ -$ ABQ Institute for Math and Science at UNM 02341 855,188 472,466 (56,915) 206 - - Academy of Trades and Technology 02344 (621,353) (641,468) (388,429) - - - Ace Leadership High School 02390 718,402 498,723 (41,864) 205 - - Alamogordo Public Schools 15046 14,353,732 9,348,032 (182,759) 3,528 - - Albuquerque Public Schools 02003 230,580,454 146,046,247 (3,716,045) 58,492 - - Albuquerque School of Excellence 02412 1,350,608 898,278 106,534 216 - - Albuquerque Sign Language Academy 02402 720,142 402,479 (68,165) 169 - - Albuquerque Talent Development Academy 02361 475,530 273,002 (5,847) 118 - - Aldo Leopold High School 08347 877,197 595,209 22,540 164 - - Alice King Community School 02356 1,445,723 900,204 3,568 248 - - Alma D'Arte Charter High School 07335 607,207 406,174 21,031 142 - - Amy Biehl High School 02303 1,304,891 782,930 (4,616) 279 - - Anansi Charter School 20316 544,181 323,133 5,741 111 - - Animas Public Schools 23121 778,747 477,058 (13,063) 180 - - Anthony Charter School 07339 (298,123) (335,133) (224,254) - - - Artesia Public Schools 03004 11,122,729 7,217,715 107,830 2,615 - - Aztec Municipal Schools 16050 6,735,596 4,317,923 (243,123) 1,766 - - Bataan Military Academy 02360 (342,973) (203,804) - - - - Belen Consolidated Schools 14043 7,806,515 4,570,568 (852,798) 2,360 - - Bernalillo Public Schools 29086 8,403,743 5,244,170 (380,514) 2,310 - - Bloomfield Schools 16051 7,631,804 4,776,751 (233,342) 1,952 - - Capitan Municipal Schools 26077 1,741,154 1,126,757 52,070 377 - - Cariños Charter School 16357 (747,280) (559,658) (316,326) - - - Carlsbad Municipal Schools 03005 20,688,637 13,203,525 135,208 4,810 - - Carrizozo Municipal Schools 26078 721,567 472,831 19,875 164 - - Central Consolidated Schools 16053 18,620,276 11,291,025 (527,755) 4,774 - - Central New Mexico Community College 02123 34,449,642 22,845,177 259,328 8,938 - - Central Region Educational Cooperative 02150 959,934 606,427 61,531 292 - - Cesar Chavez Community School 02336 406,980 313,967 21,717 114 - - Chama Valley Independent Schools 17126 1,312,495 841,629 (90,494) 369 - - Christine Duncan's Heritage Academy 02353 1,104,738 782,916 153,793 198 - - Cien Aguas International School 02367 1,203,814 762,416 11,166 236 - - Cimarron Municipal Schools 09027 1,768,648 1,202,129 114,455 368 - - Clayton Municipal Schools 18056 1,255,187 822,214 (1,807) 348 - - Cloudcroft Municipal Schools 15047 875,000 497,776 (66,952) 255 - -

Subsequent Recognition of Deferred Amounts

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD SCHEDULE OF DEFERRED PENSION AMORTIZATION BY EMPLOYER – Continued June 30, 2018

31


(20) (21) (22) (23) (24)Clovis Community College 05011 3,881,242$ 2,418,080$ (152,570)$ 929$ -$ -$ Clovis Municipal Schools 05012 21,983,293 14,600,025 565,163 5,180 - - Cobre Consolidated Schools 08024 4,413,372 3,134,542 197,456 1,058 - - Coral Community Charter School 02421 802,820 440,717 (36,709) 139 - - Corona Public Schools 26079 552,096 367,784 6,082 133 - - Corrales International School 02363 563,894 363,375 (9,219) 152 - - Cottonwood Classical Prep School 02364 1,892,606 1,168,640 44,149 366 - - Cottonwood Valley Charter School 25319 461,593 290,991 13,092 107 - - Creative Education Prep Institute #1 02338 (657,928) (377,493) - - - - Cuba Independent School District 29087 2,589,714 1,599,645 526 582 - - Deming Cesar Chavez Charter High School 19301 599,555 317,130 (17,887) 114 - - Deming Public Schools 19059 13,440,527 8,222,784 (397,673) 3,402 - - Des Moines Municipal Schools 18057 615,264 413,681 21,249 140 - - Dexter Consolidated Schools 04008 2,239,844 1,330,797 (206,337) 663 - - Digital Arts and Technology Academy 02350 650,399 325,402 (92,617) 176 - - Dora Consolidated Schools 11117 983,353 634,140 (10,194) 226 - - Dream Diné Charter School 16359 222,468 150,980 23,629 34 - - Dulce Independent Schools 17115 2,845,623 1,921,652 100,895 666 - - Dzil Ditl' OOI School of Empowerment, Action & Perseve 13437 265,397 152,431 26,970 30 - - East Mountain High School 02304 1,004,892 654,163 (4,273) 234 - - Eastern New Mexico University - Portales 11101 11,334,675 6,865,414 (745,227) 2,986 - - Eastern NM University - Roswell 11102 5,268,179 3,583,447 62,551 1,199 - - El Camino Real Academy 02323 784,361 520,126 (18,646) 208 - - Elida Municipal Schools 11034 391,578 233,320 (47,678) 122 - - Espanola Public Schools 17054 10,603,503 7,090,454 187,659 2,490 - - Estancia Municipal Schools 22065 1,929,378 1,306,721 (14,896) 513 - - Estancia Valley Classical Academy 22201 1,007,547 700,927 67,612 206 - - Eunice Public Schools 06016 2,062,015 1,278,807 (38,069) 501 - - Explore Academy 02432 1,056,966 628,884 91,745 179 - - Farmington Municipal Schools 16052 23,489,631 15,090,601 (798,641) 6,482 - - Floyd Municipal Schools 11118 895,958 612,326 13,543 213 - - Fort Sumner Municipal Schools 27083 1,177,627 755,987 2,226 281 - - Gadsden Independent Schools 07021 28,340,949 15,765,581 (3,727,640) 8,450 - - Gallup McKinley County Schools 13041 37,416,076 24,761,967 1,771,468 8,700 - - Gilbert L. Sena Charter High School 02339 528,488 385,573 8,895 132 - - Gordon Bernell Charter School 02362 794,052 713,518 66,772 224 - -



32


(20) (21) (22) (23) (24)Grady Municipal Schools 05013 704,544$ 434,502$ (776)$ 150$ -$ -$ Grants-Cibola County Schools 14044 9,560,347 6,104,010 (206,664) 2,461 - - Hagerman Municipal Schools 04009 1,729,633 1,083,313 32,946 381 - - Hatch Valley Public Schools 07022 2,948,860 1,948,698 (33,432) 859 - - Health Leadership High School 02430 829,843 454,660 9,529 159 - - Health Sciences Academy 07347 (353,398) - - - - - High Plains Regional Educational Cooperative #3 09150 663,907 (94,342) (816,655) 173 - - Hobbs Municipal Schools 06017 26,750,575 18,152,430 289,630 5,822 - - Hondo Valley Public Schools 26080 724,354 484,876 11,152 170 - - Horizon Academy West 02327 1,074,218 705,602 24,727 238 - - House Municipal Schools 10119 563,662 400,322 30,889 134 - - J. Paul Taylor Academy 07420 533,257 418,679 82,526 112 - - Jal Public Schools 06018 1,752,211 1,102,149 48,236 362 - - Jefferson Montessori Academy 03321 518,160 355,800 (16,662) 136 - - Jemez Mountain School District 29122 425,755 225,221 (151,568) 219 - - Jemez Valley Public Schools 29088 1,211,205 764,681 12,063 316 - - La Academia De Esperanza 02329 1,421,038 941,485 42,359 308 - - La Academia Dolores Huerta 07337 518,717 283,191 (13,022) 113 - - La Jicarita Community School 20266 (110,987) (79,788) - - - - La Promesa Early Learning 02343 901,410 509,514 (106,990) 224 - - La Resolana Leadership Academy 02357 142,062 67,509 (18,801) 48 - - La Tierra Montessori School 17425 305,283 169,587 (11,422) 65 - - Lake Arthur Municipal Schools 04010 406,775 252,931 (11,082) 117 - - Las Cruces Public Schools 07023 65,860,479 45,359,193 588,005 16,222 - - Las Montanas Charter High School 07338 499,012 367,081 65,803 127 - - Las Vegas City Schools 12037 4,438,769 3,001,447 26,558 1,085 - - Lindrith Area Heritage School 17334 74,279 47,633 (288) 19 - - Logan Municipal Schools 10120 1,210,249 769,914 27,791 264 - - Lordsburg Municipal Schools 23070 1,211,143 810,800 19,355 386 - - Los Alamos Public Schools 32093 12,176,458 7,942,723 156,319 2,999 - - Los Lunas Schools 14045 22,552,574 14,921,647 411,112 5,228 - - Los Puentes Charter School 02322 556,283 403,602 (24,915) 143 - - Loving Municipal Schools 03006 1,318,834 736,495 (145,845) 397 - - Lovington Municipal Schools 06019 9,060,693 5,536,610 (123,300) 2,248 - - Luna Community College 12128 2,402,862 1,524,402 (14,096) 680 - - Magdalena Municipal Schools 25075 1,157,960 637,047 (161,986) 349 - - Maxwell Municipal Schools 09028 657,269 425,777 (9,131) 159 - -



33


(20) (21) (22) (23) (24)McCurdy Charter School 17424 930,265$ 560,933$ (74,660)$ 242$ -$ -$ Media Arts Collaborative Charter School 02365 804,771 516,926 10,453 179 - - Melrose Municipal Schools 05014 899,725 553,709 4,436 205 - - Mesa Vista Consolidated Schools 17127 671,377 358,700 (133,864) 269 - - Mesalands Community College 10141 1,456,132 873,637 (10,873) 358 - - Middle College High School 13369 339,515 217,616 4,552 69 - - Mission Achievement and Success Charter School 02425 2,625,763 1,459,201 27,971 425 - - Monte del Sol Charter School 01306 742,024 513,972 61,434 214 - - Montessori of the Rio Grande Charter School 02334 543,096 340,430 3,107 134 - - Mora Independent Schools 30089 1,790,826 1,144,529 (47,865) 452 - - Moreno Valley High School 09324 73,975 35,733 (37,754) 46 - - Moriarty-Edgewood School District 22066 5,989,660 4,087,518 (103,721) 1,652 - - Mosaic Academy 16356 389,843 253,891 15,616 99 - - Mosquero Municipal Schools 31091 313,776 199,841 (4,492) 79 - - Mountain Mahogany Community School 02342 562,278 345,593 (3,894) 128 - - Mountainair Public Schools 22067 891,043 603,095 28,700 231 - - Native American Community Academy 02354 1,575,528 1,093,715 72,203 344 - - New America School-Las Cruces 07421 489,292 274,092 (21,013) 130 - - New Mexico Activities Association 02148 481,675 308,775 (16,063) 132 - - New Mexico Connections Academy 01418 2,513,847 1,530,514 135,972 370 - - New Mexico Highlands University 12102 9,990,188 6,380,157 (482,250) 2,599 - - New Mexico Institute of Mining and Technology 25106 19,639,953 13,010,717 530,734 4,659 - - New Mexico International School 02414 478,336 260,414 (282) 99 - - New Mexico Junior College 06124 5,436,000 3,368,870 (162,001) 1,401 - - New Mexico Military Institute 04097 6,974,741 4,574,165 62,751 1,668 - - New Mexico School for the Arts 01416 531,957 364,859 (68) 148 - - New Mexico School for the Blind and Visually Impaired 15104 3,750,799 2,383,093 (8,997) 852 - - New Mexico School for the Deaf 01094 2,474,504 1,621,490 79,420 560 - - New Mexico State University 07098 81,437,556 53,568,140 (2,255,988) 23,082 - - New Mexico Virtual Academy 16358 517,237 349,343 32,091 103 - - North Valley Academy 02328 984,221 575,938 (69,454) 233 - - Northeast Regional Education Cooperative 12151 526,552 219,783 (34,250) 135 - - Northern New Mexico College 17105 3,760,575 2,751,338 137,610 1,013 - - Northwest Regional Education Cooperative #2 29150 340,244 283,418 75,972 64 - - Nuestros Valores Charter School 02311 808,914 546,941 71,660 136 - - Pecos Connections Academy 03433 1,172,619 857,652 154,049 121 - -



34


(20) (21) (22) (23) (24)Pecos Independent Schools 12039 2,000,174$ 1,348,734$ (13,877)$ 521$ -$ -$ Pecos Valley Regional Education Cooperative #8 12150 351,895 238,779 68,280 85 - - Peñasco Independent Schools 20060 1,477,380 1,010,292 43,047 376 - - Pojoaque Valley Schools 01001 5,046,230 3,622,978 368,324 1,237 - - Portales Municipal Schools 11035 6,884,639 4,515,872 (103,411) 1,843 - - Public Academy for Performing Arts 02320 1,082,815 673,326 5,019 244 - - Quemado Independent Schools 28084 887,954 583,888 23,362 194 - - Questa Independent Schools 20125 1,370,697 992,058 106,493 342 - - Ralph J. Bunche Academy 02355 - - - - - - Raton Public Schools 09029 1,742,100 964,439 (329,100) 603 - - Red River Valley Charter Schools 20312 175,764 88,345 (16,245) 53 - - Region IX Educational Cooperative 26150 1,831,763 1,146,822 135,898 366 - - Regional Educational Center # 6 05016 177,837 184,714 42,501 67 - - Regional Educational Cooperative #7 06150 138,255 165,983 76,256 28 - - Reserve Independent Schools 28085 703,421 499,789 15,818 181 - - Rio Gallinas School 12326 99,992 107,909 (2,295) 54 - - Rio Rancho Public Schools 29123 43,202,112 27,059,343 (378,545) 10,505 - - Robert F. Kennedy Charter School 02318 977,945 633,399 (9,064) 234 - - Roots and Wings Community School 02313 180,594 87,586 (13,527) 38 - - Roswell Independent Schools 04011 24,355,929 15,434,287 (574,465) 5,973 - - Roy Municipal Schools 31092 450,512 287,050 8,209 104 - - Ruidoso Municipal Schools 26081 5,031,397 3,351,265 161,680 1,206 - - Sage Montessori Charter School 02418 (478,192) (458,175) (231,683) - - - SAHQ Academy 02403 421,146 363,535 144,103 40 - - San Diego Riverside Charter School 29305 461,455 320,715 50,957 91 - - San Jon Schools 10032 709,558 462,737 43,464 156 - - San Juan College 16155 13,273,479 8,461,021 (170,551) 3,467 - - Sandoval Academy of Bilingual Education 29303 338,425 106,586 (38,656) 44 - - Santa Fe Community College 01003 10,875,013 6,329,871 (635,478) 2,675 - - Santa Fe Public Schools 01002 36,111,544 22,711,972 (378,575) 9,107 - - Santa Rosa Consolidated Schools 24072 2,395,194 1,672,969 48,669 559 - - School of Dreams Academy 14366 1,600,408 1,033,470 (18,799) 280 - - Sidney Gutierrez Middle School 04317 169,745 98,275 (20,720) 43 - - Siembra Leadership High School 02433 553,295 383,072 38,132 58 - - Silver Consolidated Schools 08026 7,148,182 4,732,023 (42,627) 1,959 - - Six Directions Indigenous School 13438 427,531 310,279 52,299 44 - -



35


(20) (21) (22) (23) (24)Socorro Consolidated Schools 25076 4,115,268$ 2,573,031$ (128,177)$ 1,078$ -$ -$ South Valley Academy 02309 2,265,525 1,399,522 104,990 424 - - South Valley Preparatory School 02396 386,337 250,040 (597) 90 - - Southwest Aeronautics, Math, and Science Academy 02420 812,205 537,088 55,759 139 - - Southwest Intermediate Learning Center 02345 (324,688) (338,856) (201,776) - - - Southwest Primary Learning Center 02346 565,377 443,382 140,042 86 - - Southwest Regional Educational Cooperative #10 21150 1,279,358 916,683 133,972 209 - - Southwest Secondary Learning Center 02310 789,109 586,615 91,458 142 - - Springer Municipal Schools 09030 559,375 380,471 13,466 166 - - State of New Mexico 01341 3,245,388 2,506,920 102,547 991 - - Taos Academy Charter School 20265 752,712 463,335 13,669 154 - - Taos Integrated School of the Arts 20415 455,523 255,066 (17,585) 89 - - Taos International School 20435 996,794 638,676 101,187 131 - - Taos Municipal Charter School 20307 555,862 348,513 (11,524) 121 - - Taos Municipal Schools 20062 5,866,386 3,833,169 (126,256) 1,574 - - Tatum Municipal Schools 06020 1,042,864 617,549 (73,772) 298 - - Tech Leadership High School 02394 1,258,763 740,250 138,823 141 - - Texico Municipal Schools 05015 1,493,741 926,587 (78,724) 419 - - The Academy for Technology and the Classics 01301 848,976 553,602 (15,629) 213 - - The Ask Academy 29408 1,388,963 869,968 59,346 245 - - The Great Academy 02413 340,362 95,246 (84,913) 96 - - The International School at Mesa Del Sol 02368 1,364,120 872,482 108,533 221 - - The Learning Academy 02314 - - - - - - The Masters Program 01398 557,769 341,000 19,810 126 - - The Montessori Elementary School 02351 840,027 516,255 (14,268) 187 - - The New America School 02366 701,283 435,510 6,587 154 - - Tierra Adentro of New Mexico 02370 767,749 441,373 (49,883) 180 - - Tierra Encantada Charter School 01343 929,298 519,773 (43,596) 207 - - Truth or Consequences Municipal Schools 21063 3,458,795 2,107,019 (268,969) 957 - - Tucumcari Public Schools 10033 3,004,951 1,916,662 (3,056) 711 - - Tularosa Municipal Schools 15049 3,040,268 1,857,575 (95,804) 713 - - Turquoise Trail Charter School 01315 1,182,435 804,811 54,074 290 - - Twenty-First Century Public Academy 02308 564,175 275,826 (63,500) 126 - - University Hospitals 02295 719,543 450,471 (100,660) 256 - - University of New Mexico 02095 243,710,449 155,683,366 (2,316,868) 58,632 - - Uplift Community School 13430 (511,679) (546,932) (345,252) - - -



36


(20) (21) (22) (23) (24)Vaughn Municipal Schools 24073 451,509$ 291,709$ (36,001)$ 113$ -$ -$ Vista Grande High School 20317 346,300 223,121 (6,502) 79 - - Wagon Mound Public Schools 30090 639,932 420,160 7,873 154 - - Walatowa High Charter School 29330 282,436 194,900 17,868 65 - - West Las Vegas Schools 12038 4,592,766 3,080,540 115,324 1,156 - - Western New Mexico University 08099 7,919,437 4,685,204 (533,000) 2,039 - - William W. & Josephine Dorn Charter Community School 02417 198,508 123,648 12,614 37 - - Zuni Public Schools 13142 4,843,009 2,727,875 (166,340) 1,229 - -

Total 1,386,679,388$ 888,748,852$ (16,335,689)$ 346,459$ -$ -$


STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD NET PENSION LIABILITY SENSITIVITY BY EMPLOYER June 30, 2018

37

CurrentEmployer 1% Decrease Discount Rate 1% Increase

Employer Name Code (4.69%) (5.69%) (6.69%)(25) (26) (27)

ABQ Charter Academy 02340 9,771,675$ 7,518,889$ 5,680,755$ ABQ Institute for Math and Science at UNM 02341 9,176,690 7,061,072 5,334,861 Academy of Trades and Technology 02344 - - - Ace Leadership High School 02390 9,144,236 7,036,101 5,315,994 Alamogordo Public Schools 15046 157,349,783 121,073,965 91,475,161 Albuquerque Public Schools 02003 2,609,096,067 2,007,588,437 1,516,795,749 Albuquerque School of Excellence 02412 9,617,134 7,399,975 5,590,912 Albuquerque Sign Language Academy 02402 7,526,184 5,791,078 4,375,340 Albuquerque Talent Development Academy 02361 5,279,146 4,062,079 3,069,027 Aldo Leopold High School 08347 7,311,371 5,625,789 4,250,459 Alice King Community School 02356 11,040,463 8,495,167 6,418,364 Alma D'Arte Charter High School 07335 6,351,666 4,887,337 3,692,536 Amy Biehl High School 02303 12,449,884 9,579,656 7,237,729 Anansi Charter School 20316 4,942,245 3,802,848 2,873,170 Animas Public Schools 23121 8,039,262 6,185,870 4,673,618 Anthony Charter School 07339 - - - Artesia Public Schools 03004 116,643,484 89,752,199 67,810,589 Aztec Municipal Schools 16050 78,794,661 60,629,140 45,807,208 Bataan Military Academy 02360 - - - Belen Consolidated Schools 14043 105,286,210 81,013,260 61,208,047 Bernalillo Public Schools 29086 103,060,808 79,300,908 59,914,312 Bloomfield Schools 16051 87,071,918 66,998,137 50,619,184 Capitan Municipal Schools 26077 16,835,779 12,954,416 9,787,466 Cariños Charter School 16357 - - - Carlsbad Municipal Schools 03005 214,537,961 165,077,835 124,721,459 Carrizozo Municipal Schools 26078 7,319,098 5,631,734 4,254,951 Central Consolidated Schools 16053 212,961,635 163,864,919 123,805,063 Central New Mexico Community College 02123 398,689,921 306,774,935 231,778,042 Central Region Educational Cooperative 02150 13,024,779 10,022,014 7,571,944 Cesar Chavez Community School 02336 5,106,060 3,928,896 2,968,403 Chama Valley Independent Schools 17126 16,449,425 12,657,133 9,562,859 Christine Duncan's Heritage Academy 02353 8,842,879 6,804,220 5,140,800 Cien Aguas International School 02367 10,538,203 8,108,699 6,126,375 Cimarron Municipal Schools 09027 16,430,880 12,642,863 9,552,078 Clayton Municipal Schools 18056 15,515,993 11,938,896 9,020,209 Cloudcroft Municipal Schools 15047 11,383,546 8,759,154 6,617,815 Clovis Community College 05011 41,449,645 31,893,739 24,096,716 Clovis Municipal Schools 05012 231,061,566 177,792,046 134,327,442 Cobre Consolidated Schools 08024 47,186,235 36,307,801 27,431,677 Coral Community Charter School 02421 6,186,307 4,760,100 3,596,404 Corona Public Schools 26079 5,931,313 4,563,893 3,448,164 Corrales International School 02363 6,798,292 5,230,996 3,952,181 Cottonwood Classical Prep School 02364 16,331,973 12,566,759 9,494,578 Cottonwood Valley Charter School 25319 4,790,795 3,686,313 2,785,124 Creative Education Prep Institute #1 02338 - - - Cuba Independent School District 29087 25,939,834 19,959,599 15,080,100 Deming Cesar Chavez Charter High School 19301 5,090,606 3,917,004 2,959,419

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD NET PENSION LIABILITY SENSITIVITY BY EMPLOYER – Continued June 30, 2018

38



Deming Public Schools 19059 151,764,644$ 116,776,438$ 88,228,245$ Des Moines Municipal Schools 18057 6,262,032 4,818,367 3,640,427 Dexter Consolidated Schools 04008 29,553,021 22,739,792 17,180,623 Digital Arts & Technology Academy 02350 7,853,812 6,043,174 4,565,807 Dora Consolidated Schools 11117 10,094,668 7,767,417 5,868,526 Dream Diné Charter School 16359 1,516,055 1,166,540 881,357 Dulce Independent Schools 17115 29,702,926 22,855,138 17,267,770 Dzil Ditl' OOI School of Empowerment, Action & Perseve 13437 1,338,332 1,029,789 778,038 East Mountain High School 02304 10,459,386 8,048,053 6,080,555 Eastern New Mexico University - Portales 11101 133,214,996 102,503,273 77,444,423 Eastern NM University - Roswell 11102 53,502,357 41,167,788 31,103,549 El Camino Real Academy 02323 9,261,688 7,126,475 5,384,274 Elida Municipal Schools 11034 5,461,506 4,202,396 3,175,042 Espanola Public Schools 17054 111,090,798 85,479,644 64,582,540 Estancia Municipal Schools 22065 22,869,090 17,596,792 13,294,925 Estancia Valley Classical Academy 22201 9,195,235 7,075,342 5,345,642 Eunice Public Schools 06016 22,351,375 17,198,432 12,993,952 Explore Academy 02432 7,971,264 6,133,549 4,634,087 Farmington Municipal Schools 16052 289,133,723 222,476,100 168,087,640 Floyd Municipal Schools 11118 9,488,864 7,301,277 5,516,343 Fort Sumner Municipal Schools 27083 12,547,245 9,654,572 7,294,330 Gadsden Independent Schools 07021 376,927,351 290,029,563 219,126,390 Gallup McKinley County Schools 13041 388,074,448 298,606,780 225,606,746 Gilbert L. Sena Charter High School 02339 5,892,677 4,534,165 3,425,703 Gordon Bernell Charter School 02362 9,983,398 7,681,800 5,803,840 Grady Municipal Schools 05013 6,683,931 5,143,001 3,885,698 Grants-Cibola County Schools 14044 109,769,466 84,462,935 63,814,385 Hagerman Municipal Schools 04009 17,016,593 13,093,545 9,892,582 Hatch Valley Public Schools 07022 38,338,720 29,500,014 22,288,182 Health Leadership High School 02430 7,082,649 5,449,797 4,117,492 Health Sciences Academy 07347 - - - High Plains Regional Educational Cooperative #3 09150 7,703,907 5,927,828 4,478,660 Hobbs Municipal Schools 06017 259,701,245 199,829,061 150,977,095 Hondo Valley Public Schools 26080 7,572,546 5,826,752 4,402,293 Horizon Academy West 02327 10,603,110 8,158,642 6,164,109 House Municipal Schools 10119 5,980,766 4,601,945 3,476,913 J. Paul Taylor Academy 07420 5,000,971 3,848,035 2,907,310 Jal Public Schools 06018 16,163,523 12,437,143 9,396,650 Jefferson Montessori Academy 03321 6,078,127 4,676,860 3,533,514 Jemez Mountain School District 29122 9,777,857 7,523,645 5,684,349 Jemez Valley Public Schools 29088 14,100,390 10,849,650 8,197,250 La Academia de Esperanza 02329 13,731,035 10,565,448 7,982,526 La Academia Dolores Huerta 07337 5,025,698 3,867,061 2,921,685 La Jicarita Community School 20266 - - - La Promesa Early Learning 02343 9,986,488 7,684,178 5,805,636 La Resolana Leadership Academy 02357 2,145,040 1,650,517 1,247,017 La Tierra Montessori School 17425 2,919,294 2,246,272 1,697,129


39



Lake Arthur Municipal Schools 04010 5,220,421$ 4,016,892$ 3,034,887$ Las Cruces Public Schools 07023 723,603,152 556,781,845 420,666,069 Las Montanas Charter High School 07338 5,660,865 4,355,795 3,290,939 Las Vegas City Schools 12037 48,414,842 37,253,162 28,145,927 Lindrith Area Heritage School 17334 862,343 663,536 501,322 Logan Municipal Schools 10120 11,757,537 9,046,925 6,835,234 Lordsburg Municipal Schools 23070 17,220,588 13,250,510 10,011,174 Los Alamos Public Schools 32093 133,757,438 102,920,659 77,759,771 Los Lunas Schools 14045 233,183,424 179,424,726 135,560,983 Los Puentes Charter School 02322 6,362,484 4,895,661 3,698,825 Loving Municipal Schools 03006 17,716,667 13,632,222 10,299,569 Lovington Municipal Schools 06019 100,285,238 77,165,225 58,300,737 Luna Community College 12128 30,330,366 23,337,926 17,632,532 Magdalena Municipal Schools 25075 15,565,446 11,976,949 9,048,959 Maxwell Municipal Schools 09028 7,071,831 5,441,473 4,111,203 McCurdy Charter School 17424 10,796,287 8,307,284 6,276,412 Media Arts Collaborative Charter School 02365 7,997,536 6,153,764 4,649,361 Melrose Municipal Schools 05014 9,148,872 7,039,668 5,318,689 Mesa Vista Consolidated Schools 17127 12,007,895 9,239,564 6,980,779 Mesalands Community College 10141 15,979,618 12,295,636 9,289,737 Middle College High School 13369 3,087,744 2,375,888 1,795,058 Mission Achievement and Success Charter School 02425 18,971,546 14,597,798 11,029,092 Monte del Sol Charter School 01306 9,542,954 7,342,897 5,547,788 Montessori of the Rio Grande Charter School 02334 5,999,311 4,616,215 3,487,694 Mora Independent Schools 30089 20,161,518 15,513,430 11,720,881 Moreno Valley High School 09324 2,046,133 1,574,412 1,189,518 Moriarty-Edgewood School District 22066 73,708,692 56,715,703 42,850,485 Mosaic Academy 16356 4,433,803 3,411,623 2,577,588 Mosquero Municipal Schools 31091 3,523,552 2,711,223 2,048,414 Mountain Mahogany Community School 02342 5,697,955 4,384,334 3,312,501 Mountainair Public Schools 22067 10,304,845 7,929,139 5,990,712 Native American Community Academy 02354 15,342,906 11,805,713 8,919,585 New America School-Las Cruces 07421 5,781,407 4,448,547 3,361,016 New Mexico Activities Association 02148 5,871,041 4,517,517 3,413,125 New Mexico Connections Academy 01418 16,488,060 12,686,861 9,585,320 New Mexico Highlands University 12102 115,951,137 89,219,467 67,408,093 New Mexico Institute of Mining and Technology 25106 207,820,031 159,908,673 120,815,996 New Mexico International School 02414 4,430,712 3,409,245 2,575,791 New Mexico Junior College 06124 62,501,324 48,092,110 36,335,091 New Mexico Military Institute 04097 74,397,948 57,246,056 43,251,183 New Mexico School for the Arts 01416 6,615,933 5,090,679 3,846,167 New Mexico School for the Blind and Visually Impaired 15104 38,025,000 29,258,620 22,105,801 New Mexico School for the Deaf 01094 24,961,585 19,206,878 14,511,396 New Mexico State University 07098 1,029,603,562 792,236,144 598,559,143 New Mexico Virtual Academy 16358 4,605,344 3,543,617 2,677,313 North Valley Academy 02328 10,411,478 8,011,190 6,052,704 Northeast Regional Education Coop 12151 6,005,493 4,620,971 3,491,288


40



Northern New Mexico College 17105 45,192,647$ 34,773,819$ 26,272,706$ Northwest Regional Education Cooperative #2 29150 2,852,841 2,195,140 1,658,497 Nuestros Valores Charter School 02311 6,085,854 4,682,806 3,538,006 Pecos Connections Academy 03433 5,382,689 4,141,751 3,129,222 Pecos Independent Schools 12039 23,218,354 17,865,536 13,497,970 Pecos Valley Regional Education Cooperative #8 12150 3,795,546 2,920,511 2,206,537 Peñasco Independent Schools 20060 16,777,053 12,909,229 9,753,326 Pojoaque Valley Schools 01001 55,159,045 42,442,539 32,066,663 Portales Municipal Schools 11035 82,228,579 63,271,394 47,803,514 Public Academy for Performing Arts 02320 10,865,831 8,360,795 6,316,842 Quemado Independent Schools 28084 8,672,884 6,673,415 5,041,973 Questa Independent Schools 20125 15,253,272 11,736,744 8,867,476 Ralph J. Bunche Academy 02355 - - - Raton Public Schools 09029 26,918,084 20,712,320 15,648,805 Red River Valley Charter Schools 20312 2,349,035 1,807,482 1,365,609 Region IX Educational Cooperative 26150 16,318,064 12,556,056 9,486,493 Regional Educational Center # 6 05016 2,999,656 2,308,107 1,743,847 Regional Educational Cooperative #7 06150 1,270,333 977,467 738,507 Reserve Independent Schools 28085 8,054,716 6,197,762 4,682,602 Rio Gallinas School 12326 2,404,670 1,850,291 1,397,953 Rio Rancho Public Schools 29123 468,582,977 360,554,668 272,410,310 Robert F. Kennedy Charter School 02318 10,459,386 8,048,053 6,080,555 Roots and Wings Community School 02313 1,693,778 1,303,290 984,676 Roswell Independent Schools 04011 266,446,992 205,019,626 154,898,729 Roy Municipal Schools 31092 4,637,798 3,568,588 2,696,180 Ruidoso Municipal Schools 26081 53,792,896 41,391,345 31,272,453 Sage Montessori Charter School 02418 - - - SAHQ Academy 02403 1,788,048 1,375,827 1,039,480 San Diego Riverside Charter School 29305 4,069,085 3,130,987 2,365,559 San Jon Schools 10032 6,972,924 5,365,369 4,053,703 San Juan College 16155 154,642,211 118,990,603 89,901,116 Sandoval Academy of Bilingual Education 29303 1,948,772 1,499,497 1,132,917 Santa Fe Community College 01003 119,320,147 91,811,777 69,366,665 Santa Fe Public Schools 01002 406,209,923 312,561,256 236,149,789 Santa Rosa Consolidated Schools 24072 24,924,495 19,178,339 14,489,834 School of Dreams Academy 14366 12,505,519 9,622,465 7,270,073 Sidney Gutierrez Middle School 04317 1,930,227 1,485,227 1,122,136 Siembra Leadership High School 02433 2,596,302 1,997,744 1,509,358 Silver Consolidated Schools 08026 87,385,638 67,239,531 50,801,565 Six Directions Indigenous School 13438 1,968,862 1,514,956 1,144,596 Socorro Consolidated Schools 25076 48,085,668 36,999,876 27,954,562 South Valley Academy 02309 18,932,911 14,568,070 11,006,631 South Valley Preparatory School 02396 4,018,086 3,091,746 2,335,911 Southwest Aeronautics, Math, and Science Academy 02420 6,206,397 4,775,559 3,608,084 Southwest Intermediate Learning Center 02345 - - - Southwest Primary Learning Center 02346 3,837,272 2,952,617 2,230,795 Southwest Regional Educatonal Cooperative #10 21150 9,323,504 7,174,040 5,420,211 Southwest Secondary Learning Center 02310 6,336,212 4,875,446 3,683,551


41



Springer Municipal Schools 09030 7,418,004$ 5,707,839$ 4,312,450$ State of New Mexico 01341 44,223,670 34,028,233 25,709,392 Taos Academy Charter School 20265 6,864,745 5,282,129 3,990,814 Taos Integrated School of the Arts 20415 3,974,814 3,058,450 2,310,755 Taos International School 20435 5,846,315 4,498,491 3,398,750 Taos Municipal Charter School 20307 5,399,689 4,154,831 3,139,105 Taos Municipal Schools 20062 70,203,685 54,018,749 40,812,852 Tatum Municipal Schools 06020 13,293,682 10,228,923 7,728,271 Tech Leadership High School 02394 6,299,122 4,846,907 3,661,989 Texico Municipal Schools 05015 18,679,462 14,373,052 10,859,289 The Academy for Technology and the Classics 01301 9,508,954 7,316,736 5,528,022 The Ask Academy 29408 10,918,375 8,401,225 6,347,388 The Great Academy 02413 4,276,170 3,290,331 2,485,948 The International School at Mesa del Sol 02368 9,875,218 7,598,560 5,740,950 The Learning Academy 02314 - - - The Masters Program 01398 5,600,593 4,309,418 3,255,900 The Montessori Elementary School 02351 8,348,346 6,423,697 4,853,304 The New America School 02366 6,878,654 5,292,831 3,998,899 Tierra Adentro of New Mexico 02370 8,014,536 6,166,844 4,659,243 Tierra Encantada Charter School 01343 9,229,234 7,101,503 5,365,407 Truth or Consequences Municipal Schools 21063 42,692,161 32,849,802 24,819,051 Tucumcari Public Schools 10033 31,704,242 24,395,065 18,431,234 Tularosa Municipal Schools 15049 31,823,239 24,486,629 18,500,413 Turquoise Trail Charter School 01315 12,918,146 9,939,964 7,509,953 Twenty-First Century Public Academy 02308 5,626,865 4,329,634 3,271,173 University Hospitals 02295 11,399,000 8,771,046 6,626,799 University of New Mexico 02095 2,614,934,652 2,012,080,972 1,520,190,006 Uplift Community School 13430 - - - Vaughn Municipal Schools 24073 5,039,607 3,877,763 2,929,771 Vista Grande High School 20317 3,518,916 2,707,656 2,045,719 Wagon Mound Public Schools 30090 6,857,018 5,276,184 3,986,321 Walatowa High Charter School 29330 2,903,840 2,234,381 1,688,145 West Las Vegas Schools 12038 51,576,767 39,686,128 29,984,109 Western New Mexico University 08099 90,958,643 69,988,807 52,878,729 William W. & Josephine Dorn Charter Community School 02417 1,670,596 1,285,453 971,200 Zuni Public Schools 13142 54,802,053 42,167,849 31,859,126

Total 15,454,175,919$ 11,891,330,976$ 8,984,271,849$

42

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL

SCHEDULES PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Members of the State of New Mexico Educational Retirement Board and Honorable Brian S. Colón, State Auditor New Mexico Educational Retirement Board Santa Fe, New Mexico We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the accompanying schedule of employer allocations of the New Mexico Educational Retirement Board (ERB), as of and for the year ended June 30, 2018, and the related notes. We have also audited the total for all entities of the columns titled net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total employer pension expense as of and for the year ended June 30, 2018 (specified column totals), included in the accompanying schedule of pension amounts by employer, and the related notes. We have issued our report thereon dated April 23, 2019. Internal Control Over Financial Reporting In planning and performing our audits of the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer, we considered ERB's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer, but not for the purpose of expressing an opinion on the effectiveness of ERB’s internal control. Accordingly, we do not express an opinion on the effectiveness of ERB’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s schedules will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

The Members of the State of New Mexico Educational Retirement Board and Honorable Brian S. Colón, State Auditor New Mexico Educational Retirement Board

43

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether ERB’s schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of the schedule of employer allocations and the specified column totals in the schedule of pension amounts by employer. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the result of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

a CliftonLarsonAllen LLP

Baltimore, Maryland April 23, 2019

STATE OF NEW MEXICO EDUCATIONAL RETIREMENT BOARD EXIT CONFERENCE

44

Board staff prepared the Schedule of Employer Allocations and Pension Amounts by Employer and notes for the fiscal year ended June 30, 2018. The contents of this report were presented and discussed during an exit conference on April 19, 2019. The following individuals attended this conference:

Members of the NMERB Board of Trustees Mary Lou Cameron, Chair H. Russell Goff, Vice-Chair Tim Eichenberg, Ex Officio

NMERB Management

Jan Goodwin, Executive Director Norma Henderson, Chief Financial Officer

CliftonLarsonAllen

Raul J. Anaya, CPA, CFE, CGFM, Principal

state of new mexico educational retirement board...jun 30, 2018 · abq charter academy 02340 $...

Documents